How Much Are UK Property Prices Rising?
Exactly How Much Are UK Property Prices Rising? Halifax, reports that House price growth has outstripped wage increases in a fifth of the UK. In 18 percent of UK areas. Homeowners earned more from the rising value of their houses than from working, according to Halifax. London dominated the list of local authority districts with gaps between house prices and pay. Barnet showed the biggest gap. House prices exceeded take-home earnings in the area by £52,256, the highest in the country. This was the equivalent of £2,177 a month. 18 percent of areas in the UK, have house prices rising faster than wages. Russell Galley, of Halifax, said: “Over the past two years, we have seen house price growth and earnings converge at a national level; leading to a drop in the total number of areas where the average house price rise is greater than owners’ take-home earnings. “Despite the slowdown in house price growth in southern England, it has still outpaced wages across most of the region. This means that middle earners are also facing a challenge getting on to the property ladder.”
Read More: Regional Price Growth Stronger Than London
How Much Are Property Prices Rising? Zoopla reports that the average home in Britain increased in value by £44 per day since the start of 2018 In total, Britain’s property market increased by £114 billion during the first quarter of this year, Zoopla found. Therefore equating to an increase in value of £3,917 on the average home in Q1, which is around £44 per day. The growth in property values seen in early 2018 is in contrast to the same period in 2017, when the property market shrank by £29 billion, Zoopla said. The region with the strongest percentage growth in property values during the first quarter of 2018 was the North West of England, which saw average values rise by 1.85% or £3,552. Lawrence Hall, a spokesman for Zoopla, said: “Home owners may be relieved to see that the market has had a more positive start to 2018 than 2017.” Here is how average property values changed across the regions between the start of January and the end of March 2018 according to Zoopla, with the average value in March and the increase in cash and percentage terms: 1. North West England, £195,949, £3,552, 1.85% 2. East Midlands, £215,914, £3,357, 1.58% 3. Yorkshire and the Humber, £177,103, £2,750, 1.58% 4. West Midlands, £227,363, £3,477, 1.55% 5. London, £673,013, £9,841, 1.48%