The average price for a property in the UK has risen by 1.4 per cent over the last 12 months, not taking into account home improvements, such as installing a new wood burner in West Midlands.
According to the latest UK House Price Index for April 2019 from HM Land Registry, property values in Britain have risen to £228,903 on average.
As well as an annual increase, this represents a monthly rise of 0.7 per cent. This is the same rate of growth experienced in England on average, whereas the north-east of the country saw a huge surge since March of five per cent. Conversely, values in the West Midlands dropped by 0.2 per cent over the month, taking typical house prices to £195,498.
While London’s values climbed from March to April by 2.4 per cent, the capital actually saw the greatest annual price decline, falling by 1.2 per cent since April 2018.
This could be due to pressure being taken off the market as the public continues to wait and see what happens with a Brexit deal. While we were meant to leave the European Union (EU) at the end of March, the UK was granted a delay until October 31st due to a lack of an exit strategy politicians could agree upon.
Last year, Bank of England governor Mark Carney said a no-deal Brexit could result in house prices dropping by as much as a third, with an article in Which? revealing that “with Brexit looming ever closer, house prices have dropped much more sharply than usual since last summer”.
