The house prices in England continue to edge upwards, registering a 3 per cent growth in July 2018 when compared to the corresponding period last year.
The annual price rise of 3 per cent takes the average property value to £248,611 in England, according to the latest House Price Index from the HM Land Registry. On average, house prices have risen by 1.2 per cent since June 2018 and this growth momentum is likely to continue.
Within England, the North West region experienced the greatest monthly price rise, up by 3.4 per cent in July. It was followed by North East (2.6 per cent), South West (2.4 per cent), East of England (1.3 per cent) and London (0.6 per cent).
Average price of apartments in London was found to be £426,731 while terraced houses commanded a price of £502,363. The average price of a new build home in London was £506,128 in May 2018, a 2.9 per cent annual rise. The price of existing resold property remained almost the same when compared to May 2017 at £478,313. The average price paid by a first-time buyer in London was £423,730.
The UK Property Transaction Statistics for July 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 99,270.
The UK HPI is calculated by the Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency.