Midlands leads UK house price gains
This signalled a loss of momentum following the 2.7% quarter-on-quarter rise in Q4 2016. A slowdown in UK house price growth was also seen in the year-on-year comparison for Q1 2017.
At +3.6%, the annual measure eased from +6.5% in Q4 2016 and signalled the weakest rise in property prices since Q1 2013.
In cash terms, the standardised UK house price is now £219,618, which represents an increase of £7,732 over the past year.
On an annual basis, house prices in the West Midlands have increased at the fastest pace of all UK regions. At +10.6% in Q1 2017, the latest rise was the fastest since Q3 2015.
Property prices in the East Midlands picked up by 8.0% year-on-year, which placed the region in second place for price growth in Q1.
For the first time in almost eight years, East Anglia sat at the foot of the UK regional table, with house prices falling by -1.8% since Q1 2016.
London was the only other area to see a year-onyear fall in house prices, although the rate of decline was only marginal (-0.2%). This ended a four-year period of sustained annual house price growth.
The South East has now seen five years of house price gains, according to the annual measure, which is by far the longest run of all UK regions.
However, at +5.2% in Q1, the latest rise in South East property values was the slowest since Q1 2013. ■