Fastest and slowest house price movements in the UK revealed

A new report from online estate agents, HouseSimple, has identified the fastest and slowest moving property markets in the UK.

There’s great news if you’re a first time buyer; the UK housing market as a whole has just registered its slowest September growth since 2010, giving you a chance to catch up.

This is unusual news, because house prices traditionally rise at this time of year as the amount of properties on the market falls in September, pushing prices up.

One mortgage broker feel this may because smaller properties are in less demand as landlords have been hit by a double whammy, comprising of a 3% stamp duty surcharge in April 2016 and the system of calculating tax bills on rental income slowly changing since April 2017. By April 2020, landlords won’t be able to deduct all of their mortgage expenses from rental income to reduce their tax bill. Instead, landlords will be given a new tax credit, which is less generous than the current regime.

But, although house prices have shown a slight slowdown in growth overall, there are still hot spots and also areas that are actually going down in price.

Areas with the fastest annual house price rises in 2018

East Midlands+ 6.5%
East Midlands+ 6.5%
Wales+ 6.25%
West Midlands+ 5%
Northern Ireland+ 4.4%
Scotland+ 4.1%
Yorkshire and the Humber+ 3.5%
North West+ 3.3%
South West+ 2.9%
North East+ 2.8%
South East+ 1.9%

The only region in England to record a fall:

London – 0.1% –

In only the second time in 23 years, house prices in London have gone down, although by only an average of 0.1% over 20181. However, this has done little to improve the affordability of properties in the capital, as they are still at an earnings ratio of 13.3x, that is only an improvement of 0.7 from the peak of 14x back in 2016.

Mortgage lenders believe London prices have shown this slight fall partly because the tax breaks for landlords becoming less advantageous and partly because many in this area are particularly uncertain about what Brexit will mean for them. Having said that, the average house price is £484,926 in London, which is still out of reach for many.

Because of the slowdown in the South and the East to England, the overall growth in the UK has slowed a little, so that the average UK home rose in value by 3.2% over the year, with the average house price in the UK now standing at £233,000.

If you’d like see if you can take advantage of the slight slow down in the market, whether you’re a first time buyer or a landlord, we’re always happy to help with mortgage information and a no obligation mortgage quote.

1: Mortgage Introducer:

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