UK house prices show modest increase of 1.7% in the last 12 months

The housing market in the UK has showcased a mixed picture over the past year. Official figures reveal that the average house prices increased by 1.7% in the 12 months leading up to June 2023, although this marks a slight decrease from the 1.8% rise noted in May 2023. According to the UK House Price Index (HPI) released by the Office for National Statistics, the average house price in the UK was recorded at £288,000 in June 2023, reflecting a £5,000 increment from the preceding year.

Diverse trends were observed across regions. The North East of England saw a notable surge, with an impressive 4.7% rise in average house prices. In contrast, London exhibited a distinct pattern, with a minimal annual house price inflation of -0.6%, indicating a slight decline.

Furthermore, the rental market also displayed noteworthy dynamics. UK rents experienced a record annual increase, and London’s rental prices escalated significantly, reaching the highest annual rate since recording began in 2006. Conversely, the North East reported the lowest annual inflation in rents.

The UK House Price Index (HPI) released by the Office for National Statistics reported that the average house price in the UK reached £288,000 in June 2023, showing a £5,000 uptick compared to the previous year. Average house prices in the North East of England experienced the most significant surge, rising by 4.7%. Conversely, London witnessed the slightest yearly growth in house prices, with an average decline of 0.6%.

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UK house prices show modest increase of 1.7% in the last 12 months

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