The British housing market is undeniably in flux. Recent government data has revealed the changing prices of homes throughout the country. Analyzed by Barrows and Forrester, the results paint an interesting picture that warrants further exploration.
According to the data, the average house price in Great Britain stands at £226,000. This is up somewhat from last year, with a reasonable improvement of 1.6%. Regionally, the data shows a mixed bag of results. Prices in England ran 3.2% higher than the year before, whilst Wales saw a minor decrease of 0.3%. Scotland and Northern Ireland saw slight increases.
Further analysis of the data reveals what is driving the changes in prices. In England, the South East saw the highest rises with 2.2%, likely due to its close proximity to London and the demand from buyers in the capital. The North West saw the lowest with a 0.2% rise, likely due to a lack of demand. Wales saw a 0.3% drop due to a decrease in demand and the local market not being able to keep up with other areas. Scotland and Northern Ireland saw a relatively consistent rise of 0.3% and 0.1%, respectively.
So far, the data paints an intriguing picture of how the British housing market is performing. Despite regional variations, the overall picture is one of slight growth and basic stability at this stage. As regional differences become more pronounced, further analysis of the local data will be necessary to better understand what is driving the changes in property prices. For now, however, one thing is certain; the housing market remains in flux and is sure to continue to do so in the near future.