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UK house prices on the rise but London sees biggest drop since recession

Personal Finance The Sun Money

HOUSE prices across England are on the rise but London has seen the biggest annual slide since the recession, new figures show. Average prices increased by 1.2 per cent to £229,000 in May compared to this time last year, according to a report by the
'HOUSE prices across England are on the rise but London has seen the biggest annual slide since the recession, new figures show. Average prices increased by 1.2 per cent to £229,000 in May compared to this time last year, according to a report by the Land Registry and Office for National Statistics. The North West saw the biggest annual house price growth The North West saw the biggest growth at 3.4 per cent, while the West Midlands also had a strong year with prices up by 2.7 per cent. This was followed by property prices in the South West, which have risen by 2.6 per cent. But it’s a different story for property prices in London where they’ve fallen by a shocking 4.4 per cent in a year. It’s the biggest downward slide for the capital since August 2009 when there was a 7 per cent slump in the midst of the financial crash. How house prices have changed since 2005 according to the HM Land Registry and Office for National Statistics In fact, property prices in the city have been steadily in decline since March 2018 . But it’s still the most expensive place to live with the average price of property standing at £457,000 in May. Housing market experts blame the dip on Brexit uncertainty, combined with “punitive” stamp duty costs. Overall, UK house price growth has slowed down since April 2019 when average prices rose by 1.5 per cent compared to the same time the year before. Average house prices increased annually by 3 per cent in Wales to reach £159,000, and by 2.8 per cent in Scotland to £153,000. They also rose by 1 per cent in England to £246,000 and by 3.5 per cent in Northern Ireland to £135,000. Jonathan Harris, director of mortgage broker Anderson Harris, said: “While prices fell in London by 4.4 per cent over the year to May 2019, affordability is still an issue for those buying in the capital and South East as prices remain relatively high compared to incomes.” But Sam Mitchell, chief executive of online estate agent Housesimple, reckons “economic factors that underpin the property market are looking strong”. He said: “The housing market is still showing sturdier than expected signs of resilience amid political uncertainty. “Low unemployment and historically low interest rates are leading to high demand from buyers supporting house price growth, particularly in the North West and West Midlands.” \t \t\t \t\t \t\t \t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t Most read in Money \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tSWEET TREAT\t\t\t \t\t\t\t\t\t\t \t\t\t\tCadbury reveals its Christmas range and it includes chocolate gingerbread bars\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tRISKY BUSINESS\t\t\t \t\t\t\t\t\t\t \t\t\t\tHow we bought our £131k three-bed house WITHOUT a deposit\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tHOTTING UP\t\t\t \t\t\t\t\t\t\t \t\t\t\tWowcher is selling a four-seater £700 hot tub for £269\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tBREX HIT\t\t\t \t\t\t\t\t\t\t \t\t\t\tBrit tourists face travel money 'shock' as sterling slides amid Brexit uncertainty\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tAISLE BE BACK\t\t\t \t\t\t\t\t\t\t \t\t\t\tThe products Aldi have axed that shoppers desperately want them to bring back\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tSUN SAVERS\t\t\t \t\t\t\t\t\t\t \t\t\t\tHow to get cheaper tickets for the kids to see The Lion King this summer\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t \t\t \t \t \t \t Tory leader hopeful Boris Johnson has promised to slash stamp duty costs if he gets into number 10. He said cutting it would free up more houses for first-time buyers. Philip Hammond scrapped stamp duty on the first £300,000 of the property price for first-time buyers last year. \t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t \t\t\t \t\t\t\t \t\t We pay for your stories! Do you have a story for The Sun Online Money team? Email us at money@the-sun.co.uk'

British tourists face travel money ‘shock’ on summer holidays as sterling slides to two-year low amid Brexit uncertainty

Personal Finance The Sun Money

BRIT tourists could face a money “shock” on their summer hols as sterling slid to a two-year low amid uncertainty over Brexit, experts have warned. Holidaymakers buying euros at the airport can expect to receive just 98 cents to the pound – down
'BRIT tourists could face a money “shock” on their summer hols as sterling slid to a two-year low amid uncertainty over Brexit, experts have warned. Holidaymakers buying euros at the airport can expect to receive just 98 cents to the pound – down from the summer of 2015 when they could expect €1.32. Overseas travellers will be ‘ripped off’ at airport bureau de change Alamy Holidaymakers buying Euros at the airport can expect to receive a pitiful 98 Euro cents for their pound Getty - Contributor Sterling plunged in 2016 after the UK voted to leave the EU and has been volatile since. Tourist rates are based on trading levels in international markets – which move up and down based in part on traders gambling on the shape of a future deal with the EU. This week the pound slipped to its lowest value against the dollar for 27 months, and against the euro it is the lowest it’s been this year. James Hickman from travel money firm FairFX claimed the rate will not get better until Brexit is resolved. He said: “It will be a big shock for tourists to Europe if they are expecting to get good value this year. \t \t\t \t\t \t\t \t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t MOST READ IN NEWS \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\t‘DANCE IN THE SKIES’\t\t\t \t\t\t\t\t\t\t \t\t\t\tPal's heartbreaking tribute to ‘bullied’ boy who lay in front of train\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tAIRFINE\t\t\t \t\t\t\t\t\t\t \t\t\t\tAir rage woman, 25, who 'stormed cockpit' on Jet2 flight slapped with £85k bill\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tPOLICE, CAMERA, ACTION!\t\t\t \t\t\t\t\t\t\t \t\t\t\tMoment cops take down drugs gang caught on camera brandishing GUN\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tFEELING LUCKY?\t\t\t \t\t\t\t\t\t\t \t\t\t\tWinning Lotto numbers for Wednesday July 17 2019 £12.4million jackpot\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tCYPRUS GANG RAPE\t\t\t \t\t\t\t\t\t\t \t\t\t\tBrit woman, 19, 'gang raped in Ayia Napa hotel' as 12 tourists arrested\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t \t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t\t\t \t\t \t\t\t\t\t \t\t\t\tEL TRAPO\t\t\t \t\t\t\t\t\t\t \t\t\t\tInside hell jail where El Chapo will be shut off from ALL contact until he dies\t\t\t \t\t\t \t \t \t \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t \t\t\t\t \t\t\t \t\t \t \t \t \t “All pointers are that we’re in for a rocky road. “If people are waiting to buy at a better rate I don’t think that’s going to happen.” He added that sterling could even hit parity against the dollar in the event of a no-deal Brexit. Tory leadership contenders Boris Johnson and Jeremy Hunt have both said they are prepared to leave without a withdrawal agreement but they fully expect to have a deal in place. We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368. You can WhatsApp us on 07810 791 502. We pay for videos too. Click here to upload yours.'