Latest news with #HousePriceIndex
Yahoo
4 days ago
- Business
- Yahoo
What's the average UK house price? May's market data shows resilience
UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' Related European property market: Where have housing costs soared the most? She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
What's the average UK house price? May's market data shows resilience
UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' Related European property market: Where have housing costs soared the most? She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
5 days ago
- Business
- Euronews
What's the average UK house price? May's market data shows resilience
UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places.
Scotsman
5 days ago
- Business
- Scotsman
Scottish areas offer faster route to homeownership
Marinesea - A new study has identified Inverclyde as the best place in the UK to save for a house deposit, requiring just one year and six months to save enough money for the average down payment. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The research comes from the website Property Buyers Today, which analysed HM Land Registry's House Price Index and Office for National Statistics' Gross Domestic Household Income figures to determine where homeowners could save for a deposit fastest, while making manageable mortgage payments. Inverclyde topped the rankings with an average house price of £112,849, requiring a deposit of £11,285. With an average household income of £37,964, residents could save the needed deposit in just 17.8 months with the UK's lowest monthly mortgage payment of £627. Advertisement Hide Ad Advertisement Hide Ad Aberdeen City ranked second for deposit saving time at one year and eight months, with East Ayrshire coming in third at the same timeframe, but with lower monthly mortgage payments of £709 compared to Aberdeen's £783. West Dunbartonshire and North Ayrshire completed the top-five, both needing less than one year and ten months to save for a deposit, with monthly mortgage payments under £ the other end of the scale, the research said that locations in South-East England present nearly impossible saving scenarios for the average buyer. The district of Adur in West Sussex would require65 years and two months to save for a deposit, while Epsom and Ewell would take 57 years. London boroughs vary, with Kensington and Chelsea having the highest average house price at £1,120,654. Despite this large number, the area's high household incomes, averaging £193,156 per annum, mean residents can save for a deposit in two years and 11 months, but would face the UK's highest monthly mortgage payments at £6,229. Property Buyers Today took the average house price in each UK local authority and divided it by ten to find the cost of a typical deposit. It assumed a household has two average earners, and a savings rate of 20 per cent, to calculate the average amount of income a household could save in each area. Advertisement Hide Ad Advertisement Hide Ad This was used to work out the number of months it would take to save for the average deposit. For each local authority, an expected monthly repayment cost was also calculated. Saif Derzi, founder of Property Buyers Today, says: 'These findings clearly show the North-South divide in housing affordability, with Scottish locations offering a much faster path to homeownership. 'First-time buyers face a genuine struggle to get on the property ladder in many parts of the UK, especially in the South-East where saving for a deposit at current rates would take decades rather than years.
Scotsman
26-05-2025
- Business
- Scotsman
The big house price winners and losers, as value soars by £45,000 in one area
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. House prices in one area have soared by 18 per cent, while elsewhere they have plummeted by up to 21 per cent From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... House prices in the UK have increased on average by 6.4 per cent in the last year But prices in some areas have plummeted by up to 21 per cent, while in other parts of the country they have soared by as much as 18 per cent The latest statistics show the house price 'winners' and 'losers' Prices in some parts of the UK, like North East Derbyshire, have soared, while in some of London's poshest neighbourhoods, including Kensington and Chelsea, they have plummeted |The average home in the UK is now worth £271,000, with prices having risen by 6.4 per cent over the last year, new figures show. The latest House Price Index, published by HM Land Registry this week, shows that prices rose by 1.1 per cent in the last month alone. Advertisement Hide Ad Advertisement Hide Ad But the data only covers the period up to March 2025, meaning it does not show the impact of stamp duty changes on the housing market. The figures show a very different outlook depending on where in the country you live. How have house prices changed, and what does the rest of 2025 hold in store? Analysis by the online estate agents Purplebricks shows the big house price 'winners' and 'losers'. The biggest loser is the City of Westminster, in London, where £181,776 - or 20 per cent - has been wiped off the value of an average property over the last 12 months. Advertisement Hide Ad Advertisement Hide Ad The biggest winner is Redbridge, where house prices have increased on average by £44,807, or nine per cent, between March 2024 and March 2025. The big losers include some of London's poshest areas, like Kensington & Chelsea, while, in contrast, traditionally cheaper parts of the capital have seen big increases. Other big winners include parts of Derbyshire, Nottinghamshire and Surrey. Tom Evans, sales director at Purplebricks, believes house prices are likely to rise further this year. Advertisement Hide Ad Advertisement Hide Ad He said: 'While the stamp duty changes that came into force from April 1 may not be felt quite yet, the prospect of more Bank of England base rate cuts will likely fuel demand and push up prices further this year - suggesting 2025 will be a strong year for the UK housing market.' < Of course, whether rising house prices in your area make you a winner or loser depends on whether you already own a house and are not looking to upsize. But Robert Nichols, managing director of Purplebricks Mortgages, claimed that falling interest rates would help first-time buyers. He said: 'The downward trend in mortgage rates will fuel further interest in the market, meaning more for sale signs and more opportunities for that first foot on the ladder - making 2025 a great year for first-time buyers.' Advertisement Hide Ad Advertisement Hide Ad Below are the 10 biggest house price 'winners' and 'losers', based on how much property values have increased or decreased in the last year. House price 'winners' Area Percentage increase in year to March 2025 Money gained Redbridge, London 9% £44,807 Sevenoaks, Kent 8% £44,417 North East Derbyshire 17% £43,470 Lewisham, London 9% £42,011 Shetland Islands 18% £41,799 Rushcliffe, Nottinghamshire 12% £40,822 Havering, London 9% £40,028 Mid Suffolk 12% £39,478 Merton, London 6% £39,329 Mole Valley, Surrey 7% £38,703 What can you get for your money? This two-bedroom first floor maisonette in Redbridge, London, is listed for sale on Purplebricks for £450,000 | Purplebricks In Redbridge, a two-bedroom maisonette with easy access to the Central, Victoria & Elizabeth lines is listed for sale on Purplebricks for £450,000. In Sevenoaks, a 'stylish' one-bedroom flat near the train station is listed for sale on Purplebricks for £350,000. And in Chesterfield, North East Derbyshire, a three-bedroom semi-detached house is listed for sale on Purplebricks for offers over £250,000. Advertisement Hide Ad Advertisement Hide Ad This three-bedroom house in Chesterfield, North East Derbyshire, is listed for sale with Purplebricks for offers over £250,000 | Purplebricks House price 'losers' Area Percentage decrease in year to March 2025 Money lost City of Westminster, London -20% -£181,776 Kensington and Chelsea, London -15% -£179,444 City of London -21% -£148,722 Hammersmith and Fulham, London -13% -£96,718 Islington, London -8% -£53,837 Camden, London -5% -£35,153 Cotswolds -7% -£29,711 Newham London -6% -£26,292 Inner London -3% -£18,513 Wandsworth, London -2% -£16,904 Do you have a house hunting story or tips to share? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
