UK House Price Index, December 2016 - PwC comments
Published at 10:11 AM on 13 December 2016
House price inflation projected to slow to 2-5% in 2017
Commenting on the UK House Price Index out today, Richard Snook, senior economist at PwC, said:
“The final official housing release from the ONS and Land Registry before Christmas shows that average UK house inflation was 6.9% in the year to October, barely changed from 7.0% in September. This takes the average price of a UK home to £217,000.
“Whilst the annual inflation rate remains high, prices have barely moved over the last three months. If this trend continues into 2017, we will see a pronounced drop in growth rates in the New Year. We project that UK house price growth for 2017 could range between 2% and 5%.
“The picture was mixed across the regions, with monthly price declines of over 1% in London, the North East and the North West. However, monthly growth is volatile and it is too early to call a slow- down in these areas.”
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