UK house price growth falls, with negative growth in London and the North East
Commenting on the latest UK house price figures out today, Jamie Durham, economist at PwC, said:
“Today’s house price release from the ONS and Land Registry shows house price inflation fell to 2.5% in the year to December 2018, from 2.7% in November. This is the lowest rate of growth since July 2013. The price of a typical UK house is now £231,000, up by £6,000 on the year before.”
"House prices continued to decline in London, with an annual house price inflation rate of -0.6%. This is driven by the ongoing uncertainty around the economic outlook, and is particularly affected due to the capital's economic integration with Europe. However, London is not the only region that experienced a decline in December - prices in the North East fell by 1%.”
"Elsewhere in the UK, the picture is a bit brighter, with positive price growth in all other regions. In particular, house price inflation was strongest in the West Midlands, where prices rose by 5.2% on the year before. The average house price in the region is now nearly £10,000 higher than in December 2017.”
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2018 PwC. All rights reserved