House prices in the UK increased by 3.5% in the year to September 2018, up from 3.1% in August 2018, taking the average price to £233,000, the latest official data shows.
However, over the past two years, there has been a slowdown in house price growth, driven mainly by a slowdown in the South and East of England, according to the figures published by the Office for National Statistics (ONS).
The figures also shows that prices fell by 0.3% over the year in London but this was up from a fall of 0.6% in the year to August 2018.
On a non-seasonally adjusted basis, average house prices in the UK were unchanged between August and September, compared with a decrease of 0.4% in average prices during the same period a year earlier.
House prices in England grew slower than other parts of the country, increasing by 3% in the year to September 2018, up slightly from 2.8% in the year to August 2018, with the average price in England now £249,000.
House prices in Wales increased by 5.8% over the 12 months to reach £162,000 while in Scotland the average price increased by 5.8% to £153,000 and the average house price in Northern Ireland at £135,000 recorded an increase of 4.8% over the year to the third quarter of 2018.
At an English regional level, the West Midlands showed the highest annual growth, up by 6.1% in the year to September 2018, followed by the East Midlands up 6% while the slowest annual growth was in the South and East.
However, while the annual house price growth in the South and East of England is slowing, they remain the most expensive areas to purchase a property. London is the region with the highest average house price at £482,000, followed by the South East and the East of England, at £328,000 and £294,000 respectively.
The lowest average price continued to be in the North East at £132,000 but it is the only English region yet to surpass its pre-economic downturn peak.
In Scotland prices fell month on month by 0.1% but the annual growth of 5.8% is up from 4% in the year to August 2018. Scotland house prices were growing quicker than the UK annual rate of 3.5% in the year to September 2018.
On a non-seasonally adjusted basis average house prices in Scotland fell by 0.1% between August 2018 and September 2018, compared with a decrease of 1.8% during the same period a year earlier. On a seasonally adjusted basis, average house prices in Scotland increased by 0.6% between August 2018 and September 2018.
House prices increased over the last year in 27 out of 32 local authority areas in Scotland. The biggest price increase was in West Dunbartonshire, where prices increased by 11.9% to £110,000. The largest decrease was recorded in Aberdeen, where average prices fell over the year by 4.4% to £161,000.
In Wales prices rose by 0.5% month on month and the annual rate of growth of 5.8% was up from 5.5% in the year to August 2018. In Wales house prices were growing faster than the UK annual rate of 3.5% in the year to September 2018.
On a non-seasonally adjusted basis average house prices in Wales increased by 0.5% between August 2018 and September 2018, compared with an increase of 0.2% during the same period a year earlier. On a seasonally adjusted basis, average house prices in Wales increased by 0.8% between August 2018 and September 2018.
House prices have increased over the last year in 20 out of 22 local authority areas in Wales. Newport and Monmouthshire showed the strongest growth, increasing by 11% to £179,000 and 10% to £266,000 in the year to September 2018.
Original Source:Property Wire https://www.propertywire.com/news/uk/uk-house-prices-up-3-5-in-year-to-september-2018-official-data-shows/