UK House Price Index, October 2016 - PwC comments
Published at 10:19 AM on 18 October 2016
Commenting on the UK House Price Index, Thomas Fisher, economist at PwC, said:
UK house prices grow for 19th consecutive month
“Today’s data from the ONS showed that average UK house prices grew 8.4% in the year to August, up from 8.0% in the year to July. There is no sign yet that the Brexit vote is dampening the UK housing market as a whole, even if the central London market has slowed.
“The August figures represent the 19th consecutive month of house prices increases compared to the month before; with the last monthly price drop occurring back in January 2015. As a result, the cost of the average UK home has risen by around £28,000 since the start of 2015, up from around £191,000 to £219,000.
“House prices have been rising fastest in England, but are higher across all regions compared to a year ago. However, at a more local level, some areas of central London are experiencing weaker growth following the EU referendum vote. House prices in Camden, Kensington and Chelsea and Hammersmith and Fulham have all grown less than two percent over the past year compared to 12.1% for London as a whole.
“We project that average UK house price growth for 2016 will be over 5%, but will cool to around 1% in 2017 in response to slower expected economic growth next year.”
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