Property prices in the North West have risen faster than anywhere else in the UK, according to latest official figures.
Annual growth in house prices was 5.6% in July 2018 – up from 3.4% in June – and with an average price of £165,529, the UK House Price Index (HPI) reports.
In contrast, house prices in London fell by -0.7% since July 2017 and were up by just 0.6% since June 2018. However, the average property price in the capital was £484,926 July – so almost three times more than homes in the North West.
Meanwhile average annual price growth in England was 3.1%, with monthly growth of 1.2% and an average property price of £248,611.
Russell Quirk, chief executive of Emoov.co.uk, comments:“While many will be quick to highlight yet another landmark low in the rate of house price growth, the bigger picture is that the market has firmly found its feet and is registering strong annual and monthly price growth.
"This is even more notable given the seasonality that often plagues market activity during this time with home sales often taking a back seat. Even the London market has dusted itself down to register positive monthly growth and is the only region to see prices remain lower than this time last year.
"We remain a nation of aspirational home buyers and homeowners and there isn’t a doom and gloom scenario that Mr Carney can formulate that will change this.”
Ross Boyd, founder of mortgage platform Dashly.com agrees: “Based on this evidence, the North is becoming the new South. The property market in the South has always been in a different gear to the North, but Brexit concerns and excessive price rises in London and the South East in recent years have flipped everything on its head.
“Beyond London and the South East, there is still activity because house prices, despite current political and economic uncertainty, remain attractive.
“In the capital, house prices are arguably still massively over-inflated and this is reflected in the negative annual growth figure. For many would-be buyers in London, houses have a red cross on the door.”