House prices rise the fastest in West Midlands ZlotoNews

House prices rise the fastest in West Midlands ZlotoNews

House prices rise the fastest in West Midlands ZlotoNews

House prices rose 3.0 per cent year-on-year in June - the latest figures released yesterday - after a 3.5 per cent increase recorded in May.

This is down from the 3.5 per cent figure from April to May, and is the lowest annual growth rate since August 2013 (also at 3 per cent). founder and chief executive Russell Quirk says: "Yet more mixed signals for the United Kingdom property market which won't inspire much confidence in those who remain undecided on whether or not to buy or sell this year".

The average price of flats and maisonettes increased by 0.5 per cent in the year to June 2018, to £204,000, the lowest annual growth of all property types.

The latest decline was the worst since September 2009, when prices dropped 3.2 percent.

United Kingdom inflation rose to 2.5% in July, according to the Office for National Statistics, up from 2.4% in the previous month.

But house prices in the capital are still some of the highest in the world with the average home costing £477,000.

While London estate agent and former RICS residential chairman Jeremy Leaf comments: "House price growth outside of London is being supported by a continuing shortage of stock whereas the capital and the southeast can't hide behind this excuse any longer".

Mike Hardie, head of inflation at the ONS, said: 'Transport tickets and fuel, along with often erratic computer game prices, drove up costs for consumers.

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Across the United Kingdom, prices increased on average by 3pc in the. In addition, the recent base rate rise should not adversely impact the outlook for house prices.

For manufacturers, the cost of raw materials was 10.9% higher than in July 2017, the biggest rise in more than a year. 23 per cent recorded in June.

Consumers had also to endure an increase in food and non-alcoholic drink prices, which rose by 2.3 percent.

By property type, semi-detached houses showed the biggest increase, rising by 4.4 per cent in the year to June 2018 to £216,000.

While it is taking buyers longer to complete on their homes from 16 weeks a year ago to 18 weeks on average.

The dwindling and slowing house increases could highlight the beginning of a stagnant and struggling time for house sales.

The Retail Prices Index (RPI) fell to 3.2pc, down from 3.4pc in June, and lower than the 3.5pc economists were expecting. However, mortgage approvals are starting to turn up again, indicating that buyer numbers are likely to recover by the end of the year.

The rise in inflation follows a decision by the Bank of England to raise interest rates to the highest level since 2009, putting more pressure on the cost of borrowing.

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