UK House Price Index, Jul 2018 - PwC comments

Jul 18, 2018

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London house prices have been falling for four consecutive months following major downward revision

Richard Snook, senior economist at PwC, comments on the latest UK house price data:

​ “Today’s house price release from the ONS and Land Registry show house price inflation moved down to 3.0% in the year to May 2018, from a downwardly revised 3.5% in April (originally reported as 3.9%). This takes the price of a typical UK house to £226,400, a slight increase on the previous month.

"In our latest UK Economic Outlook, released this week, we project national house price growth of around 3% in 2018, which we expect to continue in the medium term to 2025. This implies that the average UK house price could rise from £221,000 in 2017 to around £285,000 by 2025.

"London continues to be the big story in the regional trends. The strong gains in London last month have been erased by a major downward revision. April was originally reported as £484,600 but is now £478,600. These revisions, combined with May’s figure of £478,900 means that annual house price growth in London has now been negative since February 2018. Regional figures can be volatile from month-to-month but the figure supports an underlying weakness in the market, the latest figure for May shows that prices are 0.4% lower than the same time last year.

"In our regional forecasts we predict price falls in London in 2018 and 2019 of 1.7% and 0.2% respectively."


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