Thursday 30 June 2022 10:27 AM Average UK house price has increased by £26,000 over past year to hit new ... trends now
The average UK house price hit a new record high in June but there are 'tentative signs of a slowdown', according to an index.
Prices were up by 10.7 per cent in June, slowing from 11.2 per cent in May, Nationwide Building Society said.
Across the UK, the average house price in June was £271,613, up by 0.3 per cent month on month.
Robert Gardner, Nationwide's chief economist, said: 'The price of a typical UK home climbed to a new record high of £271,613, with average prices increasing by over £26,000 in the past year.
'There are tentative signs of a slowdown, with the number of mortgages approved for house purchases falling back towards pre-pandemic levels in April and surveyors reporting some softening in new buyer inquiries.
'Nevertheless, the housing market has retained a surprising amount of momentum given the mounting pressure on household budgets from high inflation, which has already driven consumer confidence to a record low.
Londoners spent a record £54.9bn on properties outside the capital last year - the highest value on record by far and more than double 2015’s figure
Across the UK, the average house price in June this year was £271,613,representing a record high - although there are 'tentative' signs of a slowdown (Pictured: Average UK house prices from 2005 to present)
Here are average house prices in the second quarter of 2022 followed by the annual increase in prices, according to Nationwide Building Society:
- South West - £318,325, 14.7%
- East Anglia - £289,024, 14.2%
- Wales - £208,309, 13.4%
- North West - £213,888, 13.3%
- West Midlands - £244,167, 11.8%
- Yorkshire and the Humber - £205,714, 11.8%
- East Midlands - £234,828, 11.4%
- South East (including commuter areas more than 40 miles from London) - £348,564, 11.1%
- Northern Ireland - £181,550, 11.0%
- North East - £159,283, 10.6%
- Outer Metropolitan (commuter areas less than 40 miles from London) - £433,558, 10.0%
- Scotland - £181,422, 9.5%
- London - £540,399, 6.0%
'Part of the resilience is likely to reflect the current strength of the labour market, where the number of job vacancies has exceeded the number of unemployed people in recent months.'
Mr Gardner said that, at the same time, the stock of homes on the market has remained low, keeping an upward pressure on house prices.
'The market is expected to slow further as pressure on household finances intensifies in the coming quarters, with inflation expected to reach double digits towards the end of the year.
'Moreover, the Bank of England is widely expected to raise interest rates further, which will also exert a cooling impact on the market if this feeds through to mortgage rates.'
Looking across the UK, Mr Gardner said quarterly figures showed a softening of house price growth in many regions in