Across the UK, there are regional differences in house price growth, with Northern Ireland continuing to lead the pack for annual growth. Average property values in Northern Ireland have increased by 8.1% over the past year, although this is a slowdown from last month’s 9.3% rise. The average home in the region now costs £217,082.
Scotland saw the second-highest annual increase in August, with prices rising by 4.9% to an average of £215,594.
In Wales, property values have risen by 1.6% year-on-year, though the pace of growth has slowed in recent months. The average home in Wales is now priced at £227,786.
England, meanwhile, is showing a clear North/South divide. The North East, North West, and Yorkshire & the Humber all saw annual growth above 4%, making them the fastest-rising regions in the country.
At the other end of the spectrum, the South West recorded a decline in property prices, with a drop of 0.8% over the past year, to £301,134.
London continues to see modest growth, with prices up by 0.8% year-on-year. However, it remains the most expensive place to buy a property in the UK, with an average price of £541,615.