Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24
RECESSION When Yield Curve Uninverts - 8th Sep 24
Sentiment Speaks: Silver Is Set Up To Shine - 8th Sep 24
Precious Metals Shine in August: Gold and Silver Surge Ahead - 8th Sep 24
Gold’s Demand Comeback - 8th Sep 24
Gold’s Quick Reversal and Copper’s Major Indications - 8th Sep 24
GLOBAL WARMING Housing Market Consequences Right Now - 6th Sep 24
Crude Oil’s Sign for Gold Investors - 6th Sep 24
Stocks Face Uncertainty Following Sell-Off- 6th Sep 24
GOLD WILL CONTINUE TO OUTPERFORM MINING SHARES - 6th Sep 24
AI Stocks Portfolio and Bitcoin September 2024 - 3rd Sep 24
2024 = 1984 - AI Equals Loss of Agency - 30th Aug 24
UBI - Universal Billionaire Income - 30th Aug 24
US COUNTING DOWN TO CRISIS, CATASTROPHE AND COLLAPSE - 30th Aug 24
GBP/USD Uptrend: What’s Next for the Pair? - 30th Aug 24
The Post-2020 History of the 10-2 US Treasury Yield Curve - 30th Aug 24
Stocks Likely to Extend Consolidation: Topping Pattern Forming? - 30th Aug 24
Why Stock-Market Success Is Usually Only Temporary - 30th Aug 24
The Consequences of AI - 24th Aug 24
Can Greedy Politicians Really Stop Price Inflation With a "Price Gouging" Ban? - 24th Aug 24
Why Alien Intelligence Cannot Predict the Future - 23rd Aug 24
Stock Market Surefire Way to Go Broke - 23rd Aug 24
RIP Google Search - 23rd Aug 24
What happened to the Fed’s Gold? - 23rd Aug 24
US Dollar Reserves Have Dropped By 14 Percent Since 2002 - 23rd Aug 24
Will Electric Vehicles Be the Killer App for Silver? - 23rd Aug 24
EUR/USD Update: Strong Uptrend and Key Levels to Watch - 23rd Aug 24
Gold Mid-Tier Mining Stocks Fundamentals - 23rd Aug 24
My GCSE Exam Results Day Shock! 2024 - 23rd Aug 24
Orwell 2024 - AI Equals Loss of Agency - 17th Aug 24
Gold Prices: The calm before a record run - 17th Aug 24
Gold Mining Stocks Fundamentals - 17th Aug 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Average UK House Prices Dragged Down by Decline in Capital

Housing-Market / UK Housing May 08, 2019 - 03:58 PM GMT

By: Submissions

Housing-Market

Over recent years, house prices in the UK have fluctuated quite significantly. There has been some positive news of late, with house prices across the country increasing by 0.6 percent over the year. However, house prices declined in the South East and London, which resulted in the UK average house price falling.
 
According to figures, performance in London was the worst in a decade. However, despite the falling property prices, it is still the most expensive place to buy property in the UK. The South East and East of England are the second and third most expensive places to purchase residential property. Figures show that house prices in London have fallen at the fastest pace since 2009. 


Increases in Other Parts of the Country

 
Figures from the Office for National Statistics showed that many other parts of the country saw an increase in prices. This included an impressive 4 percent annual increase in the North West of the country and a 2.9 percent annual increase in the West Midlands. Many people may be looking forthe quickest way to sell a house while values are on the rise in areas such as these. However, in the capital, it is a different story. 
 
An official from the ONS said that while some parts of the UK had seen impressive growth over the course of the year, this has generally been outweighed by the decline seen in London and the South East. House prices across Wales increased by an average of 4.1 percent annually and in Northern Ireland, prices jumped by 5.5 percent. In Scotland, however, there was a drop of 0.2 percent.
 
Officials have stated that buyers are being very cautious about purchasing property at the moment because of challenging conditions and the uncertain future created by Brexit. Economic issues also appear to be having a negative effect on the property market. He also said that while there were pretty dramatic variations in terms of house price fluctuation among different regions, the decline in the South East and the capital meant that there was a knock-on effect on the overall picture.

Predictions for the Coming Year

 
Howard Archer, the chief economic advisor at EY ITEM Club, has already made a prediction for house prices in the coming year. He believes that house prices may increase by 1 percent over the course of this year. However, he did not rule out the possibility that prices could stagnate and the predictions could change dramatically based on what happens with the Brexit situation.
 
At present, the lowest average house prices in the UK can be found in the North East, where the average property price is £125,000. In this region, house prices are actually below the peak that was reached during the global financial crisis. Despite the decline over the year, London house prices stand at an average £460,000 at the moment, with house prices in the South East standing at £316,00 on average.

By Samantha Waites

© 2019 Copyright Samantha Waites - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in