Stagnation of UK house prices in Q1
The index, which is administered by IHS Markit, signalled a +2.8% increase in the standardised UK property price when compared to the same period a year earlier.
Although that was an improvement on the +2.7% increase seen in the final three months of 2017, inflation remained well down on rates seen during the past five years.
Moreover, compared to the previous quarter, prices were unchanged.
The stagnation of house prices on the quarter-on-quarter measure compares unfavourably to the +1.3% upturn seen in Q4 and is the worst outturn on this measure for a year.
Looking at the standardised UK house price in cash terms reveals that prices were up just £300 on the quarter at £223,819 in Q1.
Compared to a year ago, prices increased by £6,185.
Whilst the majority of regions continued to register annual house price inflation, most notably London saw a -3.8% reduction in prices.
That followed on from a -0.7% decline in Q4 2017 and represented the worst outturn for the capital in seven years.
The neighbouring South East registered only a slight annual increase in prices (+0.3%), whilst the South West recorded inflation of just +1.9%.
In contrast, it was the East Midlands (+7.3%) and East Anglia (+7.2%) that indicated the strongest rates of annual price inflation, followed closely by Scotland (+6.7%) and Yorkshire & Humberside (+6.1%).
Looking at short-term house price momentum, as measured by the quarter-on-quarter change, seven regions recorded falls in prices compared to the end of 2017.
London again stood out, recording its sharpest decline in prices for nine years (-3.2%), whilst there was a fall of -1.5% seen in the South East and a decline of -1.1% in the South West.
The North West saw house prices fall by -3.0% since the previous quarter. ■