The UK's closely-watched housing market looks as though it is continuing to cool. According to the latest data from estate agency Your Move, house price appreciation peaked just before the EU referendum vote and has been on the wane over the summer months. Average house price growth for the UK peaked at 9.1 per cent in February and was falling by May but has now more than halved to 4.3 per cent in August.
A number of factors may be at play here - firstly a distinct spluttering in the engine of UK house price growth, London, where top-end transactions have slowed markedly in recent months, as well as a summer lull. There are notable regional variations, even in the capital where house price growth in the most expensive boroughs has been sclerotic but less glamorous areas are seeing significant uplifts, with the likes of Lewisham and Waltham Forest in the vanguard, up 18.7 per cent and 16.3 per cent respectively on an annual basis.
In terms of transactions, the number of properties sold has continued to recover from the crater experienced in April after tax changes on buy-to-let properties led to a surge in deals ahead of the 1 April deadline. The average house price in the UK is now £292,921.
