The August 2016
house price index data showed a monthly rise of 1.3 per cent across the UK, 1.4
per cent in England and 1.3 per cent in London. Regionally, the South West
region experienced the highest monthly growth at 2.3 per cent, while prices in
the North East region fell at minus 0.2 per cent.
On an annual
basis prices across the UK rose by 8.4 per cent, bringing the average house
price to £218,964. In England the increase was 9.2 per cent and the average
house price £235,573. London prices rose by 12.1 per cent making an average
London home £488,908. The East of England again saw the greatest annual rise at
13.3 per cent, while the North East saw the lowest annual growth at 3 per cent.
Annual price increases by property type across the UK were 9 per cent for flats
and maisonettes, 8.7 per cent for terraced houses, 8.7 per cent for detached
and 8.3 per cent for semi-detached. Terraced property prices rose by 7.8 per
Just five local authority areas saw a fall in prices over the year, notably
Hartlepool at minus 6.7 per cent. The highest annual rise was seen in South
Bucks at 23.6 percent.
Completed sales for England in June 2016 totalled 57,637, a fall of
minus 32.2 per cent compared to a year ago.
The average price
of a new build property in England in August was £294,832, up 12.7 per cent on
July and up 24.8 per cent up on a year ago. Meanwhile, resold property prices
averaged at £214,029, a rise of 0.5 per cent over July and 7.3 per cent higher
than the same time last year.