Average house prices in the UK have increased by 5.6% in the year to April 2017 (up from 4.5% in the year to March 2017) according to the Office for National Statistics. While up against March 2017, there has been a general slowdown in the annual growth rate since mid-2016. The average UK house price was £220,000 in April 2017. This is £12,000 higher than in April 2016 and £3,000 higher than last month.
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.7% over the year to April 2017, with the average price in England now £237,000. Wales saw house prices increase by 4.2% over the last 12 months to stand at £148,000. In Scotland, the average price increased by 6.8% over the year to stand at £146,000. The average price in Northern Ireland currently stands at £124,000, an increase of 4.3% over the year to Quarter 1 (Jan to Mar) 2017.
On a regional basis, London continues to be the region with the highest average house price at £483,000, followed by the South East and the East of England, which stand at £315,000 and £281,000 respectively. The lowest average price continues to be in the North East at £123,000. The East of England showed the highest annual growth, with prices increasing by 8.1% in the year to April 2017. This was followed by the South West at 6.8%. The lowest annual growth was in the North East, where prices increased by 0.6% over the year, followed by the North West at 4.1%.
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