Comment on the UK House Price Index for April 2016
Wed 15 Jun 2016
David Brown, CEO of Marsh & Parsons, comments:
"This new, combined house price index gives a more accurate picture than ever before given the inclusion of cash sales and new dwellings, along with average price calculations that are less liable to volatility. The revised methodology doesnt scramble the signal however house price growth continues the strong performance it has shown over the past two and a half years, despite a slight calming since March."
"The rate of house price growth in the capital has been overshadowed at various junctures over the past year by strong showings from the East of England and the South East, but London is top dog once again. A truly world-class destination like London may not always be at full throttle, but it never loses its lustre."
UK House Price Index, April 2016
- UK average house prices have increased by 8.2% in the year to April 2016 (down from 8.5% in the year to March 2016), continuing the strong growth seen since the end of 2013.
- The main contribution to the increase in UK house prices came from England, where house prices increased by 9.1% over the year to April 2016, with the average price in England now 225,000.
- On a regional basis, London continues to be the region with the highest average house price at 470,000, followed by the South East and the East of England, which stand at 302,000 and 263,000 respectively.
- The lowest average price continues to be in the North East at 122,000.
- London was also the region which showed the highest annual growth, with prices increasing by 14.5% in the year to April 2016.
- The East of England (13.6%) and the South East (12.3%) also had high annual growth.
- The lowest annual growth was in the North East, where prices increased by 0.1% over the year.