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House prices increase by 8.7%

House prices in England and Wales rose by 8.7% in the year to June, according to the latest figures in the UK House Price Index provided by the Land Registry.

The monthly increase from May was 1.0% taking the price of the average house in the UK to £213,927.

In England, the June data showed an annual price increase of 9.3%, which took the average property value to £229,383. Monthly house prices rose by 0.8% since May 2016.

Wales showed an annual price increase of 4.9%, taking the average property value to £145,238. Monthly house prices rose by 1.2% since May 2016.

London produced an annual price increase of 12.6%, creating an average property value of £472,204. Monthly house prices rose by 0.2% since May 2016.

The regional data indicates that:

  • East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 14.3%
  • the South East experienced the greatest monthly growth with an increase of 1.5%
  • the North East saw the lowest annual price growth with an increase of 1.5%
  • the West Midlands and the North East each saw the most significant monthly price fall with a movement of -0.2%.

Please contact us if you would like advice about the legal aspects of buying or selling a home.

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