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UK House Prices show Slowdown

The rate at which house prices have been increasing has slowed down, according to the latest government figures.

Office for National Statistics data has revealed that the average price increased by 7.8 per cent in the year to June, significantly lower than the 12.8 per cent rise seen in the year to May.  Overall, the average UK house price, according to the Land Registry, was £286,000 in June, £3,000 more than a month earlier.

For those seeking properties for sale in Hackney, the London figures may be of greatest interest and one significant development that will be noted by those familiar with longer-term trends is that, having lagged behind other regions for price increases in the last few years, the capital is no longer the region with the slowest growth.

At 6.3 per cent, it is now ahead of the North West (6.2 per cent), Yorkshire & The Humber (4.2 per cent) and the North East. The typical home in London now costs £538,000. This remains the highest regional average, with the north east at the opposite end of the spectrum, its average standing at just £158,000.

The figures for Hackney are higher than those for London as a whole. In the year to June 2022 the average property price rose by 8.3 per cent from £580,538 to £628,690.

It may be apt, however, to compare this with other inner London boroughs. Islington, for instance, has risen nine per cent to £717,485, Camden a much smaller 1.9 per cent but to a much costlier £829,857, while the City of Westminster soared by exactly ten per cent to £944,441.

While it is also true that neighbouring Newham and Tower Hamlets have lower prices, both averaging under half a million, these are not as sought-after despite substantial developments in recent decades from the docklands to the Olympics.

Overall, Hackney remains above average for east London, but still offers comparative bargains when set aside its neighbours to the west.