According to official data, house prices continued to climb despite the Brexit blues subduing the property market.
The value of an average UK home increased by 2.2% in the year to November 30 2019. The rise makes the average home in England worth £251,000, while those in Wales reached £173,000 and £155,000 in Scotland.
Increasing values mainly drove English house prices in the West Midlands (+4%) and North West (3.8%). The lowest increases were in Eastern England (-0.4%) and London (+0.2%).
“While house price growth in London was low, the area remains the most expensive place to purchase a property, at an average of £475,000. The North East continued to have the lowest average house price, at £131,000, and is the only English region yet to surpass its pre-economic downturn peak of July 2007,” says the ONS report.
“Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.”
House prices in Wales surged by 7.8% and 3.5% in Scotland.
The trend is for UK house prices to increase each month since January 2013, when the average UK property was worth £167,716 - an increase of 49.66%. In the decade from January 2009, prices have gone up 59.63% from £157,234 and peaked in November 2019.
