East Midlands has shown to have the fastest house price growth, increasing by 6.5% from the start of the year to August according to official statistics.
A sustained slowdown in the south and east of England has pulled back house price growth across the UK.
According to research, on average, the typical UK home has risen in value by 3.2% since 1st Janaury 2018. This means the average UK property now costs £233,000 suggested by ONS.
London was the only region in England to record a fall in house prices. Prices fell by 0.2% over the same period. Uncertainty regarding Brexit was suggested to be one of the reasons surrounding the decline.
A recent report by Halifax, UK’s biggest mortgage lender, said that fewer homes had been on the market in 2018 than in any year of the past decade.
The supply of homes has declined in the UK, consequently raising the demand and house prices.