Property prices rise in the UK, Wales posts strongest growth

17 Oct 2019

Wales flats Despite Brexit turmoil, property prices in the UK remained robust during the year to August 2019, according to official data. 

In the 12 months to August, the value of property in Britain climbed 1.3%, data from the Office for National Statistics revealed, marking a significant rise from the 0.8% recorded in July 2019. 

House prices in London saw a dip of 1.4% on an annual basis, with the South-East region of the UK also slipping briefly by 0.6%. 

However, despite prices dropping in these areas, they still remain among the most expensive to buy property, with prices averaging at £473,000 in London and £326,000 in the South East. 

Other recent statistics from Nationwide Building Society saw prices rising 0.2% annually, while Halifax noted prices were up 1.1% during the same period. 

Property prices in Wales jumped at the strongest rate, climbing 4.5% in the year to August 2019. This marks a significant increase from the 3.8% surge in July, with the average house price at £168,000. 

Properties prices in Scotland also experienced growth, rising 1.6% in the 12 months to August 2019, up from 1.5% in the year ending July 2019. The average cost of a house in Scotland is valued at £155,000. 

Overall, average house prices in England rose 1.1% during the year ending August 2019. This is up from a 0.5% increase the previous month, with the average house price in England now at £251,000.

Over in Northern Ireland, prices also rallied at a rate of 3.5% in the 12 months to April-June 2019. It still remains the cheapest region in the UK for purchasing property however, with the average home being valued at £137,000.
 
The average price of a house in the UK in August 2019 stood at £235,000, up by £3000 form the year prior. 

On a monthly basis, average house prices in Britain rose 0.8%, against a growth rate of 0.3% in average prices during the same period the previous year.