West Midlands is ‘vivid spot’ for home costs as UK-wide progress drops to five-year low

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The West Midlands has been highlighted as a “vivid spot” in what was a weak second quarter for home costs throughout the UK generally.

Property costs rose 2.1 per cent on an annual foundation within the second quarter, the weakest charge of progress since 2013, in keeping with the newest Halifax home worth index.

The West Midlands recorded the quickest progress within the UK, with costs growing by 7 per cent year-on-year, whereas Scotland and Wales additionally each out-performed the UK common with progress of three.7 per cent.

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Yorkshire & Humber confirmed the largest decline, with costs dropping three.1 per cent, whereas the North of England recorded a fall of two.6 per cent and the South West recorded a 1.2 per cent dip.

In the meantime, London confirmed a slight reversal as costs rose zero.6 per cent, after two consecutive quarters of decline.

The index confirmed the standardised home worth for London was £455,975, nearly precisely double the UK-wide worth of £227,494.

In Could, the index revealed UK home costs recorded their largest month-to-month drop in eight years in April, with property specialists linking the lacklustre market to low shopper confidence and uncertainty about rates of interest.

Tim Moore, affiliate director at IHS Markit, which owns the Halifax index, mentioned the newest figures “affirm an additional cooling of the UK housing market heading into the summer time”, with annual worth inflation easing to its weakest for the reason that begin of 2013.

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“Affordability constraints, the prospect of upper rates of interest and heightened financial uncertainty all seem to have held again home costs within the second quarter of this yr,” he mentioned.

“A large regional divergence in home worth tendencies continued in Q2, highlighting that market situations stay overwhelmingly pushed by native provide and demand fundamentals.

“Towards this backdrop, the West Midlands recorded the quickest annual home worth rise of any UK area, supported by a resilient regional financial system, a tailwind from inner migration and future transport infrastructure spending.”

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