House prices climbing “out of reach”…

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House Price Index:

The average house has increased in price in the UK by £10,000 over the past year, that’s according to official figures just released, and estate agents are warning that the affordability of houses in the UK is putting home purchases beyond reach for many people.

In June this year the average property price was £223,257, compared with £214,000 in June a year earlier, that according to the latest figures just released by the Office for National Statistics.

Taken on a month-by-month basis, house prices were up nearly £2000 on average, though the speed of growth has marginally slowed. Prices increased by 4.9pc in the year to June 2017, compared to 5pc in the year to May, and the ONS figures show growth had stayed flat in 2017 at around 5pc.

Chief executive of London-based estate agent Haart Paul Smith told the Daily Telegraph, that these price rises have caused a 20pc dip in first-time buyer registrations in its branches in the past year:

“Along with consumer price hikes and falling wage growth, unaffordability is reaching crisis point,” he said.

The East of England showed the biggest increase where average prices climbed 7.2pc to £286,623 and there was almost the same growth, of 7.1pc, in the East Midlands.

North East prices saw the smallest annual growth at 2.5pc, while prices in London were up 2.9pc over the year. On a monthly basis, the average London house price fell by 0.7pc in June, to £481,556.

The UK recently published House Price Index shows house price changes for England, Scotland, Wales and Northern Ireland.

The latest available June data shows:

• an annual price increase of 4.9% which takes the average property value in the UK to £223,257
• house prices have risen by 0.8% since May 2017
• the monthly index figure for the UK was 117.1
• in England, an annual price increase of 5.2% which takes the average property value to £240,325. Monthly house prices have risen by 0.8% since May 2017
• in Wales, an annual price increase of 3.6% which takes the average property value to £151,672. Monthly house prices have risen by 2.9% since May 2017
• in London shows an annual price increase of 2.9% which takes the average property value to £481,556. Monthly house prices have fallen by 0.7% since May 2017

The regional data indicates that:

• the East of England experienced the greatest increase in average property price over the last 12 months, with a movement of 7.2%
• Yorkshire and the Humber experienced the greatest monthly price growth with an increase of 2.2%
• the North East saw the lowest annual price growth with an increase of 2.5%
• London saw the most significant monthly price fall of 0.7%

The UK Property Transaction statistics showed that in June 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 1% compared with June 2016. Comparing June 2017 with May 2017, property transactions fell by 3.3%. See the economic statement.

Sales during April 2017, the most up-to-date HM Land Registry figures available, show that:

• the number of completed house sales in England rose by 1.6% to 53,410 compared with 52,590 in April 2016
• the number of completed house sales in Wales rose by 9.9% to 3,101 compared with 2,822 in April 2016
• the number of completed house sales in London rose by 1.3% to 5,823 compared with 5,746 in April 2016
• there were 510 repossession sales in England in April 2017
• there were 52 repossession sales in Wales in April 2017
• the lowest number of repossession sales in England and Wales in April 2017 was in the East of England

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