The June data for the UK House Price Index, which shows house price changes for England, Scotland, Wales and Northern Ireland, has revealed an annual price increase of 8.7% which takes the average property value in the UK to £213,927.
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In our main scenario, average United Kingdom house property growth will decelerate to around 3% this year and around 1% in 2017.
The latest figures from the UK house price index (UK HPI) showed prices jumped by 2.7% from May.
RoS’ director of commercial services, Kenny Crawford, said: “The volume of residential sales in Scotland in April 2016 was 6,665, a decrease of 16.0 per cent on the previous year”.
London’s property prices continued their double-digit growth, rising 12.6 per cent in the year to June, taking prices to £472,204.
Monthly house prices rose by 1.0% since May 2016.
Andy Knee of property advisers LMS says: ‘The £17,000 increase in the average house price puts savings returns to shame in the current low interest rate environment, and leaves many homeowners with significantly more equity at their disposal than a year ago.
The biggest fall in house prices was in Aberdeen, which has been hit by low oil prices.
However, data from Rightmove covering July reports to show a 1.2% reduction in asking prices compared to June. “However, with housing demand continuing to vastly outstrip supply, it is important that we see a concerted focus on building new property to ensure there are enough homes for potential buyers across the country”. The second highest was Slough, in Berkshire, at 24.6pc, where house prices have been climbing for months thanks to a number of new developments in the area and infrastructure projects such as Crossrail.
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In March, 171,000 properties were sold, according to HMRC, nearly 100,000 more than in April when transactions dropped to 73,370 – the lowest in at least a year.
