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East Midlands and Wales record fastest house price growth in UK

Staff Writer | January 12, 2018
Latest data from the Halifax House Price Index, administered by IHS Markit, highlighted mixed fortunes across the UK regions in terms of property price trends for 2017 as a whole.
UK house
Britain   Halifax House Price Index – Q4 UK Regional Breakdown
The standardised UK house price has increased by 3.3% since 2016, but this figure masks wide regional divergences.

The East Midlands and Wales outperformed all other UK regions in 2017, with property prices picking up by 8.0% on a calendar year basis.

Relatively strong house price gains were also posted in the West Midlands (+5.0%) and the South West (+4.9%).

At the other end of the scale, London experienced its slowest annual rise in property prices since 2011 (+1.0% in 2017).

House prices were broadly flat in Scotland, while Northern Ireland experienced a reduction since 2016 (-5.6%).

In cash terms, the standardised UK house price was up by £7,091 in 2017, with the largest increases in the East Midlands (£13,864), Wales (£12,152) and the South East (£11,907).

On a ten-year horizon, which represents a comparison against the pre-crisis peak seen in 2007, there are wide divergences in UK regional house price levels.

London (+45%) and the South East (+32%) have seen by far the greatest rises in property prices since the 2007 calendar year.

Meanwhile, latest data for 2017 as a whole reveals that property prices in four UK regions remain below levels seen a decade previously.

Northern Ireland house prices are the furthest behind the high watermark seen in 2007 (-43%), followed by the North of England (-5%), Scotland (-3%) and Wales (-1%).

Q4 2017 data from the Halifax House Price Index, administered by IHS Markit, revealed that the standard UK house price increased by 1.5% since the previous quarter.