UK housing market slumps to seven-year low
The UK housing market has slumped to a seven-year low, with prices rising by just 0.6% in the year to February 2019, according to the latest figures from the Office for National Statistics.
It is the lowest growth since September 2012, when house prices increased by just 0.4%. The figures also reflect a decline on January 2019, when annual growth was 1.7%.
London has stalled most, according to the figures, with prices falling by 3.8% in the year to February, compared with a decline of 2.2% in the year to January. The South East saw house prices decrease by 1.8%, the region’s first decline since October 2011.
The UK housing market has slumped to a seven-year low, with prices rising by just 0.6% in the year to February 2019, according to the latest figures from the Office for National Statistics.
It is the lowest growth since September 2012, when house prices increased by just 0.4%. The figures also reflect a decline on January 2019, when annual growth was 1.7%.
London has stalled most, according to the figures, with prices falling by 3.8% in the year to February, compared with a decline of 2.2% in the year to January. The South East saw house prices decrease by 1.8%, the region’s first decline since October 2011.
For housebuilders looking for increases in sales, Northern Ireland is the strongest-performing region, with house prices up by 5.5%, followed by Wales, where prices increased by 4.1%, and the North West, where prices rose by 4%.
According to the Bank of England’s Agents’ summary of business conditions, Brexit-related uncertainty continues to deter buyers, with sales of new-builds also slowing, leading to housebuilders offering significant incentives to complete sales.
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