Average UK house price dipped £2,000 in month of December… however nonetheless went up £26,000 over 2022 as a complete, official figures present
- Average house price in the UK climbed £26,000 over the yr
- However, they fell by £2,000 in the month of December alone
- The UK’s common house price is now £294,000
The price of house price progress slowed to single digits in the 12 months to December 2022, with the properties rising 9.8 per cent over the interval.
House costs elevated by £26,000 over the yr, in accordance to the newest figures from the ONS, taking the common residential property price in the UK to £294,000. This is down from final month’s document excessive of £296,000.
However, in the month of December alone, house costs fell by 0.4 per cent or £2,000. This adopted a rise of 0.2 per cent in the earlier month.
House costs elevated by £26,000 over the yr to December 2022, in accordance to the ONS
Jeremy Leaf, north London property agent and a former Rics residential chairman, says: ‘Clearly, the course of journey of the housing market is not strongly up however it’s not sharply down both.
‘These complete however dated figures lay naked the affect on costs of the ill-fated mini-Budget in the fourth quarter of final yr.
‘On the floor since, we’re discovering that consumers nonetheless have an urge for food. However, they’re more and more flexing their muscle groups and adjusting to an bettering bargaining place as stabilising mortgage charges and inflation carry extra stability.’
Average house costs have dived £15,500 since August, in accordance to Nationwide, after mortgage price hikes at the finish of final yr hammer consumers.
Most lately Halifax has reported house price progress slowing to simply 1.9 per cent in January, however reamiend flat month-on-month.
Mortgage charges have been slowly falling since the begin of the yr with a variety of fastened price offers under 4 per cent now on the market.
In addition, the variety of mortgage merchandise on the market has surpassed 4,000 for the first time since August final yr, in accordance to the newest knowledge from Moneyfacts.
England, Wales and Northern Ireland all noticed double digit house price progress in 2021/22
Broken down by area England and Wales each noticed property costs rise by 10.3 per cent over the yr, whereas costs in Northern Ireland rose by 10.2 per cent with Scotland the worst off with simply 5.7 per cent progress.
The common house price in England is now £222,000. The East Midlands noticed the highest annual proportion change in the 12 months to December of 12.3 per cent, whereas London noticed the lowest – 6.7 per cent – of all English areas.
