Judul : There are more signs that Britain’s roaring housing market is slowing down
link : There are more signs that Britain’s roaring housing market is slowing down
There are more signs that Britain’s roaring housing market is slowing down
Estate agents boards are lined up outside houses in south London June 3, 2014.
LONDON — It’s good news for prospective house buyers. New data shows that although house prices have continued to rise across the UK, there has been a further slowdown in the rate of price growth.
Figures released on Tuesday by the Office for National Statistics (ONS) show that UK house prices increased by an average of 5.6% between April 2016 and April 2017. That figure has fallen sharply from the 8.2% annual rate seen in July last year following the Brexit vote.
The index is a further indication of a rapidly cooling UK housing market. Nationwide’s monthly housing index recorded an even lower 2.6% increase in house prices in the year to April, and recorded a drop in UK house prices in March, April, and May this year, a change from the consistent month on month rises seen before the referendum in June 2016.
Here’s the chart:
ONS House Price Index Apr 2017
Both a drop in prices and in growth rates suggest the housing market is still feeling the effects of Brexit, which caused a rise in inflation, saw reduced consumer confidence, and stagnated wage growth.
Key ONS findings:
- The average UK house price was £220,000 in April 2017, £12,000 higher than in April 2016 and £3,000 higher than last month.
- Average prices remain highest in England, at £237,000.
- Scotland saw the highest rate of growth, with an increase in house prices of 6.8% over the year. In comparison, Wales saw an increase of 4.2%, Northern Ireland of 4.3% and England of 5.7%.
- London’s growth rate was among the slowest in England, third only to the North East and North West.
- The Orkney Islands saw the highest increase (24.1%), while neighbouring Scottish islands Na h-Eileanan Siar saw the biggest drop (-15.3%).
Meanwhile, London rental prices grew 1.3% in the year leading to May 2017, an annual growth rate below both the averages for Great Britain and for England.
ONS House Price Index, UK: Apr 2017
Average house price, by UK country, January 2005 to April 2017
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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