Sunday, February 25, 2024

UK property prices growing at their slowest rate since September 2012

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Property prices across the U.K. edged up just 0.6% in the year to February, according to government’s Land Registry report

Property prices across the U.K. edged up just 0.6% in the year to February, the lowest rate of annual growth seen since September 2012, according to a report Wednesday from the government’s Land Registry.

The almost seven-year low was less than half of the annual growth logged in January, when prices rose 1.7%, and lower still compared to December, which saw prices rise 2.5%.

The average home price nationwide now stands at £226,234 (US$295,001), according to the index published by HM Land Registry and the U.K. government’s Office for National Statistics, along with other U.K. government statistics agencies.

Home price growth was strongest in Wales, where prices in February rose 4.1% annually to an average of £159,559.

In England—home to the majority of the U.K.’s real estate transactions—the average price rose 0.4% to £242,964.

After years of steady growth, prices in the country dipped 0.2% to £145,762.

The report only had data for Northern Ireland’s quarterly prices and found the average price increased 5.5% to £136,669 in the fourth quarter of 2018 compared to the same period in 2017.

It did not break out prices for the luxury market.

Regionally, house price growth across England has generally been stronger in the more affordable markets away from London, a trend that mostly continued in February.

Prices grew most in the North West of England in February, up 4% to £163,758. The region was followed by the West Midlands where prices increased 2.9% to £196,152, the report said.

London saw the largest falls as prices dropped 3.8% annually, and the neighboring South East of England saw the second most sizeable price declines, falling 1.8%.

But also logging a poor price performance, despite their location, were the North East of England, where prices fell 0.8%, and Yorkshire and The Humber, which saw prices remain flat.

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