House Prices UK News:- House prices in the UK increased by 1.4 percent in the year to March, up from 1 percent in February, revealed ONS statistics.
But the last three years have seen a general slowdown in house price growth, driven mainly by a slump in the south and east of England.
The lowest annual growth was in London, where prices fell by 1.9 percent over the year to March 2019, although an improvement on the fall of 2.7 percent in February 2019.
The average UK house price was £227,000 in March 2019. This is £3,000 higher than in the same period a year ago. On a seasonally adjusted basis, average house prices in the UK increased by 0.1 percent between February 2019 and March 2019.
Brokers Hank Zarihs Associates said although growth was modest it was a step in the right direction and that certain regions were bouncing back.
The company added that SME developers’ appetite for construction loans and development and refurbishment finance remained unabated.
The average house price in England increased by 1.1 percent over the year to March 2019, up slightly from 1 percent in February 2019, with the average house price in England now £243,000.
The North shows the best uptick on prices
House prices in Scotland increased by 3.3 percent in the year to March 2019, up from 0.5 percent in the year to February 2019, with the average house price in Scotland now £149,000.
House price growth in Wales, increased by 3.0 percent in the year to March 2019, down from 3.6 percent in February 2019 with the average house price at £159,000. Northern Ireland house prices increased by 3.5 percent over the year to the first quarter of 2019. Northern Ireland remains the cheapest UK country to purchase a property in, with the average house price at £135,000.
Yorkshire and the Humber showed the highest annual growth, with prices increasing by 3.6 percent in the year to March 2019, this was followed by the West Midlands with 3.4 percent.
The lowest annual growth was in London, where prices fell by 1.9 percent over the year to March 2019, up from a fall of 2.7 percent in February 2019. This was followed by the North East where prices fell 0.8 percent over the year.
The London area still remains the most expensive place to purchase a property at an average of £463,000, followed by the South East and the East of England, at £318,000 and £287,000 respectively. The North East continues to have the lowest average house price at £123,000 and is the only English region yet to surpass its pre-economic downturn peak.