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Year on year price increase across the UK
20 Sep
Average house prices in the UK saw a 3.1% increase in the 12 months to July 2018, according to the latest official data.

This marks a slight decrease from 3.2% in the year to June 2018, whilst a 1.2% month on month increase was recorded. The Land Registry’s data shows that the average price reached £231,422.

House prices grew by 4.2% year on year in Wales, recording the largest annual price growth – Scotland followed with a rise of 3.2%.

England recorded a 3% annual price growth, with house prices growing fastest in the North West region, where they increased by 5.6% year on year. South West and the West Midlands followed, both recording a 4.4% increase.

On a monthly basis, Scotland saw the greatest price increase at 1.4%. England followed with 1.2%.

Additionally, despite London’s annual fall in prices, the index showed a month on month increase of 0.6%.

Nick Leeming, chairman of Jackson-Stops, said: “With the average house price in the North West over £70,000 cheaper than that across England as a whole, it is not surprising to see prices rising in the North as more buyers turn their attention to its property stock,” he said.

“As demand grows, we may well see prices at the lower to middle end of the market continue increasing in the region for the rest of the year. However we must be mindful that these figures may not reflect the top end of the market, where, in areas such as Alderley Edge and Hale, prices may have peaked due to the level of stamp duty payable,” he added.

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