In the year to end September 2017 new build house prices rose on average by 5.2% across the UK which is down on last year’s figure of 5.8%.
If Greater London is taken out of the calculation and we take a crude average of the remaining regions, then the average house price growth is 4.2% which is unchanged on last year’s figure. Some other indices are pointing to lower and even negative price changes in London but it is likely that the geographical distribution of new build property may account for this difference. In common with other indices, we are seeing a spreading of the ripple effect as the Southern half of the country starts to see slower price rises whilst there is more growth in the North.
But the gradual decline in household incomes and general economic uncertainty seem to be creating a cautious environment. Even the prospect of continuing low interest rates is not generating buyer activity at anything like the levels seen in the run up to the market crash a decade since.
Continued in the full report - please click on the link below to open...
Note: This month’s figures are based on projected data, generated whilst work is being undertaken on the data collection system.