UK house price growth remains robust – but London lagging other regions
Commenting on the ONS house price figures out today, Richard Snook, senior economist, PwC, said:
“Today’s housing market data from the ONS and Land Registry show a slight uptick in house price growth from the previous month. House price inflation rose to 5.4% in the year to September, from a downwardly revised 4.8% in August (originally reported as 5.0%). This takes the average UK price to £226,367 in September.
“The trend that has been emerging over the summer and autumn is the rest of the UK outperforming London. Annual price growth in London was just 2.5% in September, far behind the strongest performing regions, the North West (7.3%) and South West (6.6%), and less than half the national average.
“Our latest market projection, published In July, was for growth of between 3% and 5% in 2017 with 4% as the central scenario. Growth for the year is now likely to be around the upper end of this range. The other notable trend is that these price gains are being experienced on increasingly low transaction volumes, which were 15.2% lower in July 2017 than July 2016. This does point to a lack of broader market momentum and may lead to a softening in price growth as we move into 2018.”
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