The UK property market continues to remain stable registering a 3 per cent annual price change, according to the latest UK House Price Index (UKHPI) for June released by the Land Registry.
The average price of a property in the UK was £228,384 in June 2018. The monthly price change for a property in the UK was 0.4 per cent and it continues to be in the positive territory.
At the country level, the largest annual price growth was recorded in Scotland, where house prices increased by 4.8 per cent over the year to June 2018. In England, the average price increased by 2.7 per cent over the year. Wales saw house prices increase by 4.3 per cent over the last 12 months. The average price in Northern Ireland increased by 4.4 per cent.
The demand for homes from first-time buyers is also contributing to the stability in the market. The price of first-time buyer homes increased by 2.8 per cent annually to reach £193,006. Former owner occupier homes are also in demand with prices increasing by 3.1 per cent to £264,498.
On the supply side, new vendor instructions series recorded a positive balance for two consecutive months, the first time this has occurred since early 2016. The average stock per estate agent has been edging up marginally in recent months, Land Registry Index revealed quoting various sources.
In the three months to June 2018 average house prices increased by 0.6% compared with the three months ending March 2018.