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UK House Price Index shows recovering price rises in many areas but with a slowdown in Outer London
The latest national data from the Land Registry on residential property prices has been published today. The UK House Price Index has been updated with actual selling prices reported to the Land Registry for the month of August.
Highlights for the month include: an overall pick up in the growth of housing prices after the impact of the Brexit vote on July data, led by the South of England (excluding London) and some slowdown in price growth in Outer London, which remains the strongest region for price increases over the last 12 months.
The overall average price for a residential property in the UK in August reached £218,964, representing a monthly increase of 1.3% (July 0.5%) and an annual increase of 8.4% (July 8.0%).
Overall the Greater London region performed broadly in line with the UK average for the month of August. The average residential property price in the capital increased by 1.3% from July 2016, to £488,908. This represented an annual increase of 12.1% over August 2015.
Performance in Outer London fell behind the national average for the month of August, with the monthly increase from July 2016 recorded at 0.97%. Despite this slow down the annualised rate of growth in Outer London at 14.7% remains the strongest for any region in the UK.
The local Outer London boroughs of Bromley, Bexley and Croydon fell in line with the trend in Outer London for a slowdown in growth from the July data, though this was marginal in Croydon. Monthly growth rates recorded in these areas were: Bromley +0.7% (July +1.5%), Bexley 0% (July +2.1%) and Croydon +1.2% (July +1.3%). Annualised rates in these boroughs remain strong however, at Bromley +14%, Bexley +17% and Croydon +18%.
A detailed breakdown of the August 2016 price data for the London Borough of Bromley is shown below.
Flat / Maisonette
The UK House Price Index data is provided by the Land Registry. To find out more about our residential property services, please phone our office to speak to one of our team on 020 8290 0333, or fill out a contact form using the link below.