Land Registry data shows slow rise in house prices during 2018
The Land Registry released their monthly house price data today, with the results showing a 0.2 per cent rise in December, but a fall in the price of flats in England when compared to the end of 2017.
The data, which is published on a monthly basis, showed that the average UK house price rose 2.5 per cent during 2018. Despite the rise overall, analysis of the data has shown that flat prices actually fell in England by 0.4 per cent.
Per the BBC, the average flat price is now just over £226,000, nearly £1,000 less than December 2017. This marks a 2.4 per cent fall.
Furthermore, the 2.5 per cent rise in house prices was the smallest increase in over five years.
The largest price increase was seen in Wales, where prices rose by 5.2 per cent, compared to a 0.1 per cent rise in London.
Reacting to the results, Bernard Tansey, the Executive Chairman of Mizen Group said: “l am ever hopeful, and I do expect that once Brexit is settled, and the road map ahead for individuals and families is predicated, there will be a rebound in the pent-up demand for housing.
“Even so, l would not expect price growth beyond the levels experienced in the last two years – 2.5 to 3 per annum. That will be welcome for all those in employment seeking a rung on the housing ladder.”
Steve Seal from Bluestone Mortgages also stated: "Slower house price growth is no doubt a reflection of potential buyers choosing to adopt a 'wait and see' approach.
"To tackle this, lenders are offering near record low deals to reassure borrowers that there is still plenty of opportunity to lend.”