House prices continue to rise – south west up 6.4% annually

Pockets of the UK are continuing to experience mini house price booms despite transactions falling in all regions in the year since the Brexit vote.

Figures from the Land Registry show that UK house prices in August rose 5%, up from 4.5% in July, to £225,956.

On a monthly basis values were up just 0.5%.

Regionally, many parts of the UK are seeing annual growth above the average, although most are struggling to get above the average monthly growth rate of 0.5%.

The north west leads the annual growth tables, up 6.5% to £159,865 during August, and also has the largest monthly growth among the English regions at 2.3%.

Prices in the east of England during August were up 6.4% annually, although flat on a monthly basis, to £288,440.

The east midlands had the same rate of annual growth and was up just 0.3% since July to £183,762.

Similarly, the south west was up 6.4% annually to £188,447, up 0.6% on a monthly basis.

Prices in London were up by the least annually at 2.6% and down 1% on a monthly basis to £484,362.

House prices may still be rising annually, but the Land Registry data gives the first official snapshot of transactions in the 12 months since the Brexit vote and shows a different story.

In June 2017, the latest figures available, the number of property transactions completed in the UK decreased by 6.7% year-on-year to 85,528 sales, the Land Registry said.

Much of this decline was due to an 11% drop in England to 66,082 sales, with the rest of the UK experiencing increases.

Transactions in Scotland were up 19.3% to 10,473 on an annually basis, 5% in Northern Ireland to 5,106 and 1.4% in Wales to 3,867.

Further analysis of the Land Registry data shows sales volumes have fallen across all English regions during those 12 months.

London had the steepest decline in the 12 months to June 2017, falling 20% to 6,768, while the South-West and East England saw 14% drops to 7,928 and 7,795 respectively.

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