UK house prices grew by 1.3% in the year to August 2019, up from 0.8% in July 2019, according to the Office for National Statistics (ONS).
On a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 99,890. This is 0.9% higher than a year ago. Between July 2019 and August 2019, transactions increased by 15.8%.
House price growth was strongest in Wales where prices increased by 4.5% in the year to August 2019, up from 3.8% in the year to July 2019. The lowest annual growth was in London, where prices fell by 1.4% over the year to August 2019.
In England, the August data shows on average, house prices have risen by 0.8% since July 2019. The annual price rise of 1.1% takes the average property value to £251,233. In Wales it was £168,318.
London shows, on average, house prices have fallen by 1.3% since July 2019. An annual price fall of 1.4% takes the average property value to £472,753.
The North East experienced the greatest monthly price rise, up by 3.1% and the greatest annual price rise, up by 3.3%.
The lowest number of repossession sales in June 2019 was in the East of England.
The highest number of repossession sales in June 2019 was in the North West.
There were 38 repossession sales for Wales in June 2019.
Kate Davies, executive director of the Intermediary Mortgage Lenders Association, said: “More sustainable house price growth is good news for younger buyers saving up to buy a home, but it shouldn’t disguise the fact that there are still challenges facing the housing market. The Queen’s Speech this week gave away very little on housing and as a nation we’re still building far too few homes – housebuilding is well below the 300,000 a year that we need to meet the demand from aspiring homeowners. Help to Buy is also due to end in 2023 and there is a clear need for the industry to come together – builders, lenders, regulators and the government – to start a new dialogue on what could replace the scheme.
“Innovation in the mortgage market is helping. Lenders are delivering new solutions such as family support mortgages that will help to fill the gap left by Help to Buy, but stringent affordability criteria continues to prevent many people from stepping onto the ladder.
“With renewed talk about a possible election, housing is likely to be an issue debated and discussed as the political parties campaign for the vote. However, it’s vital that the next Government sets out a clear plan to address the issues facing the housing sector in the UK and puts the spotlight back on creating a market that is fair for all.”