UK House prices continued to rise over the summer, according to the latest figures, although the rate of increase is slowing.
The statistics from HM Land Registry show that house prices rose by 0.9% between July and August.
The annual increase to August was 13.6%, compared with an annual increase of 16% in the year to July, suggesting the period of rising property values may be coming to an end or at least slowing down.
The average house in the UK is now valued at £295,903.
In England, the August data shows on average, house prices rose by 1% between July and August. 22. The annual price rise of 14.3% took the average property value to £315,965.
The regional data for England indicates that:
• the East Midlands experienced the greatest monthly rise with an increase of 2.3%
• the West Midlands saw the lowest monthly price growth, with a movement of -0.2%
• the South West experienced the greatest annual price rise, up by 17%
• London saw the lowest annual price growth, with a rise of 8.3%
The UK Property Transactions Statistics show that in August, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 104,980.
This is 7.6% higher than a year ago (August 2021). Between July and August 2022, UK transactions increased by 1.1% on a seasonally adjusted basis.
It’s thought the rising cost of living together with increases in interest rates are likely to dampen house price rises over the coming months, although the cut in stamp duty may prove attractive to some buyers.
Please contact us if you would like advice about the legal aspects of buying or selling a property.