Regional residential land Q1 2017
Stable house price growth across all regions suggests a narrowing gap between growth rates; activity levels are maintaining consistent levels and the UK economy is ticking along nicely.
Nationally, annual house price growth reached 4.1% during the first quarter of 2017, down slightly from 4.5% last quarter. Average house prices in the UK are now £206,665, according to latest Nationwide data. Bank of England mortgage approvals data to end February 2017 suggest a slight dip in monthly approvals, down 1% over January’s figures. Nevertheless, on a three monthly basis approvals continue to increase, up 3.4% over the previous three months.
Annual house price growth across the UK has been fairly average across all regions this quarter, with the UK as a whole posting 4.1% annual growth. This was buoyed mostly by growth in the outer South East, East Anglia, the South West, the North West and London who all posted growth of between 5.0% and 6.4%, with the outer South East coming out on top at 6.4% annually. These are some of the weakest annual rates of growth we have seen in some time and the convergence in regional price growth (the gap between weakest and strongest) is now the narrowest since 1978.