East Midlands and Wales record fastest house price growth in UK
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. ■