01 Nov North East pulls ahead in house price growth
The latest ONS house price index for the UK reveals that house prices rose by 5.0% across the UK in the year to August. While prices are rising across all UK regions, they report that strongest growth is currently in the North West which has seen a 6.5% increase in average prices in the last year.
An analysis of the rates of annual price growth in August compared to just a month earlier shows a reversal of the North/South divide emerging with the North strongly in the driving position.
In the North East, North West and Yorkshire and the Humber regions growth rates are accelerating. The rate of growth in prices in the year to August is between 1.3% and 2.7% higher than it was in the year to July.
While the South West, East and East Midlands saw strong rates of growth in the year to August (6.4%), these areas are starting to lose momentum. Compared to a month earlier, annual price growth in these regions was lower or largely unchanged in other words, price growth is decelerating.
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