Average House Prices in the UK Continue to Rise on an Annual Basis

June 6, 2018
The latest UK House Price Index has revealed that average house prices in the UK rose by 4.2% in the year to March 2018. On a monthly basis, average prices fell by 0.2% compared to the previous month.  In March 2018 the average UK house price stood at £224,000, which is £9,000 more than in March the previous year but £500 lower than February 2018. According to the Office for National Statistics, which published the Index, the main contribution to the increase in UK house prices came from England, where house prices increased by 4.0% over the year to March 2018, with the average price in England now £241,000. Looking at the rest of the UK, Wales saw house prices increase by 3.5% over the last 12 months to stand at £153,000. In Scotland, the average price increased by 6.7% to stand at £146,000, and the average price in Northern Ireland currently stands at £130,000, an increase of 4.2%. Across England, London continued to be the region with the highest average house price at £472,000, followed by the South East and the East of England, which stood at £321,000 and £291,000 respectively. The lowest average price continued to be in the North East at £124,000. However, the East of England showed the highest annual growth, with prices increasing by 5.8% in the year to March 2018. This was followed by the East Midlands (5.6%). The lowest annual growth was to be found in London, where prices decreased by 0.7% over the year.

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