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Property prices in the UK are on the rise, with the average price for a UK property in June 2019 standing at £230,292.
This is an increase of 0.7% since May 2019 and an annual growth of 0.9%, according to the latest UK House Price Index release.
Wales saw the strongest growth in property prices with an increase of 4.4% in the year to June 2019 and a boost of 1.2% from May 2019, with the average price for a house in Wales set at £163,768.
London experienced the lowest annual growth with property prices falling by 2.7% over the year to June 2019 and an increase of just 0.7% from May 2019.
Average price of a UK property is £230,292 Annual price change for a UK property is 0.9% Monthly price change for a UK property is 0.7% Monthly index figure (January 2015 = 100) is 120.8
If you’re looking to move to London, it’s worth noting property prices have decreased by 2.7% in the last year, meaning the average price of a London house currently stands at £466,824. The annual change in London property prices continues to dip, making the last few months the most significant fall in price since the financial crash of 2008.
The table below shows a continuing annual drop in London house prices.
|Month||2018 House Prices||2019 House Prices||Annual Change|
The North East is currently the cheapest area to buy property whilst London remains the most expensive region of the UK to buy a house. The South West saw the biggest monthly price drop whilst the North East experienced the greatest monthly price increase at 1.7%.
First-time buyers are paying on average £193,701 for property, a 0.6% increase from May 2019, whereas a previous home owner is paying £268,119 which is a 0.8% increase from the previous month.
|Type of Buyer||Average Property Price - June 2019||Monthly Change||Annual Change|
|Previous Home Owner||£268,119||0.8%||1.4%|
First-time buyers should look to the North East for cheap property as it holds the title for the cheapest region to buy a house in the UK, with the average price paid in June standing at £130,342. This is an annual decrease of 1.8%. Northern Ireland and Scotland are strong options for first-time buyers with their average property prices set at £136,767 and £151,891.
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