Average UK House Price Rises By 1.7 Per Cent In 12 Months
Average UK house prices increased by 1.7 per cent in the 12 months to June 2023, down from 1.8 per cent in May 2023, according to official figures. The average UK house price was £288,000 in June 2023, £5,000 higher than 12 months ago, according to the UK House Price Index (HPI) published by the Office for National Statistics. Aimee North, the head of housing market indices at the Office for National Statistics, said: “Annual house price inflation, measured using final transaction prices slowed again in June, but the fall was gentler than we have seen in previous months." The North East of England saw the highest jump in average house prices of 4.7 per cent. London saw the lowest annual house price inflation with average prices declining by 0.6 per cent. North added: “There was another record annual increase for UK rents in the latest month. London rental prices rose steeply to their highest annual rate since records began in 2006. The lowest annual inflation was in the North East.” Property expert Jonathan Rolande said the surprise was not that house price inflation was down compared to May 2023, but it was such a small fall. "With so much talk about a crash in house prices, the surprise here is not that prices are down, but that they are only down by such a small amount. “It is interesting to note that we are at a midway point – the average home is £5,000 more than it was a year ago, but also £5,000 down from its peak in November."
Tags : UK house prices UK House Price Index Office for National Statistics Aimee North Head of Housing Market Indices North East England