UK house price growth continues to slow down, with August data from the Office of National Statistics (ONS) confirming that the housing market has hit a five-year low.
On average house prices have gone up by 3.2% in the year to August, down from 3.4% in the year to July, according to UK House Price Index data – adding to the deceleration the UK housing market has witnessed over the last two years. The average property in the UK valued at £232,797.
House prices have grown fastest in the East Midlands increasing by as much as 6.5% in the year to August 2018, closely followed by the West Midlands which saw an increase of 5.1% over the same period.
In London, house prices fell by 0.2% with annual growth in the city flat for the last six months.
On Tuesday, British homebuilder Bellway announced strong full-year 2018 results with its revenues rising 15.6% to £2.96 billion, with the company proudly announcing that it had broken 10,000 new home sales for the first time.
But, despite a landmark year for the homebuilder, the company admitted that Brexit posed a major challenge in the year ahead, warning investors in its annual results that Britain’s exit could hurt consumer confidence in the housing market and negatively impact its spring sales.