UK house prices have gone through volatile increases over the past 5 years. Ever since the pre-economic downturn peak of 185.5 in January 2008, the UK index has increased by over 16.9%. If we track back to 2004 up until now, the percentage changes over a 12 month period have gone through an “up and down” movement, of which we are on the downward slope of this curve. This graph may explain more.
Annual house price rates of change, UK all dwellings from January 2004 to July 2015
Regional Variations
During the year up until july 2015:
London house prices increased by 5.5% in the year. It has increased from its previous record level of 249.1 in June 2015, reaching 255.2 in July 2015. At this rate, according to RightMove, the average price of a property could hit £1 million by 2020. With little signs of opportunity from the ever-shrinking middle class, it could be almost impossible to maintain a home within the UK.
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