12 Mar 2018
Report finds large variations in house price change in the UK
A report by property company Your Move has found large variations in house price changes throughout the UK, with Greater London seeing steep overall declines, while the north-west of England is now the region of the country with the fastest-growing property market.
In London, house prices have fallen by 2.6% in the last year, which is the largest annual decline of house prices since August 2009. London boroughs that saw the largest drops were Wandsworth (14.9%), Southwark (12.2%) and Islington (8.8%), with the average price of a house in London now £593,396.
Conversely, two north-west towns, Blackburn and Warrington, have seen prices rise by 16.4% and 10.3% respectively, with Your Move stating that these rises were shared by other towns and cities in the north-west.
Taking the country as a whole, prices grew by 0.6% annually, while when excluding London and the South West, this figure was 2.5%.
Oliver Blake, managing director of Your Move, said:
“When examining the bigger picture, house prices are steadily balancing to meet the needs of house buyers which is welcome news for those looking to take their first steps onto the property ladder.
“The industry needs to work together to provide a long-term solution to increase movement within the market. By building more homes and introducing more initiatives for each stage of the property lifecycle we should start to see more choice for first time buyers, second steppers and last-time buyers”, he said.