House prices increased by 8.7% in the year to June

House prices in England and Wales rose by 8.7% in the year to June, according to the latest figures in the UK House Price Index provided by the Land Registry.

The monthly increase from May was 1.0% taking the price of the average house in the UK to £213,927.

In England, the June data showed an annual price increase of 9.3%, which took the average property value to £229,383. Monthly house prices rose by 0.8% since May 2016.

Wales showed an annual price increase of 4.9%, taking the average property value to £145,238. Monthly house prices rose by 1.2% since May 2016.

London produced an annual price increase of 12.6%, creating an average property value of £472,204. Monthly house prices rose by 0.2% since May 2016.

The regional data indicates that:

• East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 14.3%
• the South East experienced the greatest monthly growth with an increase of 1.5%
• the North East saw the lowest annual price growth with an increase of 1.5%
• the West Midlands and the North East each saw the most significant monthly price fall with a movement of -0.2%.

It should be remembered that the figures do not include the full impact of the Brexit referendum decision on June 24.

Please contact Dipak Odedra or Shyam Patel if you would like advice about the legal aspects of buying or selling a home.