Region named as top performing for house prices in decade first

YORKSHIRE AND the Humber has been named as the top-performing region when it comes to house price growth for the first time in more than a decade, new analysis has revealed.

House prices rose by 0.3 per cent across the UK month-onmonth in September to reach an average of £214,922, according to figures from Nationwide Building Society.

Property values increased by two per cent annually in September, following a two per cent year-on-year rise that was also recorded in August.

But Yorkshire and the Humber saw the largest rise in annual house price growth for the third quarter of 2018 – at 5.8 per cent – to become the UK’s strongest-performing area.

It is the first time since 2005 that the region has been named as top for house price growth.

Meanwhile, the North East of England saw a 1.7 per cent decrease in house prices.

Some parts of southern England, including London, also saw house prices fall annually in the third quarter. House prices in the COUNCIL TAX bills could rise for residents in Kirklees next year, as the local authority faces balancing the books in the wake of fresh austerity measures.

Raising council tax by 2.99 per cent – just below the threshold set by central government – would net Kirklees Council an additional £5.2m in 2019/20.

The increase equates to a £29.21 rise for Band A homeowners, who would see their bills go up from £977.18 to £1,000.39 under capital have now decreased annually for five quarters-in-a-row.

Experts have speculated that the decline in some areas is being brought on by the threat of a nodeal Brexit, while talks continue as the UK prepares to exit the EU.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “As in 2016, prospective buyers increasingly will hold back from making purchases until the threat of a no-deal Brexit in March 2019 has been expunged. Accordingly, the housing market likely will remain subdued for at least the next six months.” Despite the slight decline, values in London are only three per cent below the record high seen in 2017 and still more than 50 per cent above 2007 levels.

Robert Gardner, Nationwide chief economist, said: “Annual house price growth was stable in September at two per cent. Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.” the changes. It is expected that there will be further rises in the following two years, though at the lower level of 1.99 per cent, which would raise another £3.6m per year.

The council has lost around £150m in government funding since 2010.

Over the same period, it has made cuts totalling £183m, £54m of which came in 2017/18, a meeting of the local authority’s cabinet was told yesterday.