Annual House Price Growth Slows To 0.3%
Property values in England have risen slowly in the last year, growing by 0.3 per cent between July 2018 and 2019.
This is according to the latest figures from HM Land Registry’s UK House Price Index England for July 2019.
It revealed the average price of a home in England reached £248,837 during the height of the summer, representing a monthly increase in value of 0.5 per cent from June.
While this still showed signs of growth, the rate of price increase was much lower than the 1.1 per cent rise in values experienced between June 2018 and June 2019.
The Office for National Statistics (ONS) report stated: “Low numbers of sales transactions in some local authorities and London boroughs, such as City of London, can lead to volatility in the series.”
Indeed, house prices in City of London fell by a huge 8.2 per cent over the year to July 2019, dropping from an average of £809,697 to £743,181.
The ONS went on to say: “While we make efforts to account for this volatility, the change in price in these local levels can be influenced by the type and number of properties sold in any given period.”
For instance, the number of newbuild houses being constructed could have an impact on the property market if potential homebuyers hold off purchasing a property because a new development is underway.
According to The Share Centre, Barratt Developments has seen the number of new houses being built increase by 2.6 per cent in the last 12 months.
With so many houses being constructed by workers using corrugated roofing sheets, this could have an effect on the values of the houses already on the market.