House prices on the up – but London no longer in driving seat

House prices rose by 5.7% in the year to June to stand at a UK average of £277,000.

The average “mix-adjusted” price in England was £290,000, £169,000 in Wales, £154,000 in Northern Ireland and £192,000 in Scotland.

The highest price was in London at £513,000, while the English region with the lowest price was the north-east at £156,000.

Excluding London and the south-east, the average UK house price was £211,000.

While the average UK house price annual inflation was 5.6%, this masked large differences. Inflation stood at 6.1% in England, 9% in Northern Ireland, but just 0.8% in Wales. House prices fell an average 0.6% in Scotland.

The average UK first-time buyer paid 5.1% more this June than the year before.

Paul Smith, chief executive of Spicerhaart, said: “In a drastic reversal of regional trends, it is not London driving national house price growth, but other areas such as the east of England and Northern Ireland which have seen price increases of 9.2% and 9% respectively.

“This demonstrates that the supply shortage is now a far-reaching problem that needs to be tackled imminently.

“The new All-Party Parliamentary Group for Housing and Planning needs to drive national action from the centre and it needs to think innovatively to effect real change in the UK’s housing market, which may include decisions that aren’t universally popular.”

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