Property Price Growth Slumps in June
August 31, 2018
While property prices in the United Kingdom continue to increase slightly, the growth rate is at its lowest in five years. According to new data released by HM Land Registry for June, prices have risen by 0.4% from May and by 3% compared to the previous year.
Between July 2017 and July 2018, house price percentage change was at its lowest point, with -0.5% in March 2018. The statistics come from the House Price Index (HPI), which is calculated on a monthly basis by the Office of National Statistics. The HPI is based on data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland.
The news came shortly after the revelation that inflation increased from a steady 2.4% over the last three months to 2.5%, with the Bank of England suggesting it will have risen to 2.6% in July before reducing again.
Earlier this month, the central bank blamed much of the housing market’s uncertainty on Brexit, with governor Mark Carney advising buyers to be more prudent. Nonetheless, he denied that there is cause for panic and recommended the use of common sense when considering wages and interest rates in the context of obtaining a mortgage.
According to HM Land Registry, 85,493 properties found new owners in June 2018, with terraced houses being the most popular. The price of the average home was £228,384.
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