UK house price growth remains resilient through the summer months
Commenting on the ONS house price figures out today, Thomas Fisher, economist, PwC, said:
“The housing market data from the ONS and Land Registry shows that UK house price growth remained resilient through the summer months. House price inflation of 5.1% in the year to July is unchanged from June. This takes the average UK house price up to £226,000 in July.
“Regionally, house price growth continues to be weaker in London and the South East, where year-on-year growth rates in July were 2.8% and 3.8% respectively. Meanwhile, growth of over 7% in both the East Midlands and the East of England continues to drive average house price growth up for the UK overall.
“Following a summer of strong house price growth, the average house price in the South West hit a new high of £252,000, breaking through the quarter of a million mark for the first time.
“Factoring in continued pressure on household incomes in the second half of the year, we anticipate a likely weakening in UK house price inflation to around 4% on average for 2017.”
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