Growth continues across UK property prices

Property prices in the UK increased by 5% in the year to August 2017, taking the average price of a home to £225,956, the latest official index shows.

A breakdown of the figures published by the Office of National Statistics (ONS) shows that in England prices increased year on year by 5.3% and month on month by 0.7% to £243,520.

In Wales prices increased by 3.4% on an annual basis and by 0.1% month on month to £150,258 while in Scotland they increased by 3.9% year on year to £146,354 but fell month on month by 0.87%.

But the property market in London is not performing as well as the regions. The data shows that prices are up just 2.6% year on year and they fell by 1% month on month to an average property value of £484,362.

The regional data for England and Wales reveals that the North West recorded the greatest increase in average property price with a year on year increase of 6.5% and also the biggest monthly rise of 2.3%

The lowest annual growth was in London, where prices increased by 2.6% over the year. This is the ninth consecutive month where the growth in London house prices has remained below the UK average.

Edinburgh continues to lead the growth in Scotland with prices up 10.4% year on year to an average of £ 223,283 while Aberdeen is bottom with an annual fall of 4.8%, taking the average price of a property to £176,389.