Over the past year, house prices have risen across all UK regions according, UK House Price Index data has revealed. Prices rose by a nationwide average of 8.2% in the twelve months leading up to April, with the average price for London rising by as much as 14.5%.
The slowest rate of price growth seen over the course of this twelve month period was observed in the North East. This region saw only a 0.1% overall price growth over the full year, following a drop of 0.9% in prices in the final month of the period in question. London’s 14.5% growth in house prices, meanwhile, was the UK’s fastest growth rate.
The fastest-growing region at the end of this period, during the month of April itself, was England’s North West. Over the course of the month, North Western property prices grew by 2.3% month-on-month. This compares to just 0.6% in London, which was the fastest-growing region over the year as a whole.
The UK House Price Index is a new measure of property values to be published every month. It uses data from the Land Registry, Register of Scotland, and the Valuation Office Agency. This data is compiled and analysed by the Office for National Statistics in order to create the Index. The monthly index excludes Northern Ireland, for which separate data is published each quarter using information provided by Land and Property Services, Northern Ireland.
The year’s property growth has brought the average price of a property in the UK to £209,054, according to the Index. A property in London, meanwhile, will cost more than twice that with an average price in £470,025.
Scotland saw average price rises of 3.3% over the year to April, bringing the average property price to £138,445. The average property in Wales now costs £139,285, following growth of 1.7% across the same twelve month period.
The index also examines price growth in relation to property types. In these terms, the biggest increase in prices over the twelve months leading up to April was for terraced homes, which grew by 10% in value to an average of £183,666. This was closely followed by semi-detached homes, with price growth of 9.7% bringing the average cost of a property of this type to £209,075.
Apartments and maisonettes achieved slightly lower levels of price growth. Values for these kinds of property grew by 9.3% to an average price of £210,281. Detached homes, meanwhile, grew at a somewhat more restrained pace of 7.3% over the year, and now cost £332,968 on average.