The sudden end to a seven-year Cambridgeshire house prices trend
04-28-2019
Whether it's good or bad news would depend on who you asked
House prices in Cambridgeshire are falling for the first time in more than seven years.
Average prices in Cambridgeshire dropped by 0.2 per cent in the year to February.
This was down from a 1.9 per cent increase in prices in the year to January.
This was the first annual drop since the year to October 2011, when prices fell by 1.1 per cent, according to the figures from the Office for National Statistics.
The average price of a home in Cambridgeshire in February this year was £289,424, compared to £289,944 a year before.
Within the county, South Cambridgeshire is seeing prices drop at their fastest rate since August 2009.
Average prices were down 5.6 per cent in the year to February, compared to an 8.4 per cent fall in the year to August 2009
In February this year, the average home in South Cambridgeshire cost £361,402, down from £382,844 in February last year.
House prices were also falling in Cambridge – down 1.1 per cent to £422,834.
However, house prices were up by 0.2 per cent in East Cambridgeshire to an average price of £280,106, and up by 3.8 per cent to an average price of £263,317 in Huntingdonshire
Fenland is seeing prices rise at their slowest rate since July 2013. Average prices were up 0.7 per cent in the year to February, to £185,817.
The national picture
Figures released this morning show average house prices in the UK increased by just 0.6 per cent in the year to February, down from 1.7 per cent in January 2019.
This means the average UK house price was £226,000 in February, just £1,000 higher than a year ago.
This is the lowest annual rate of growth since September 2012 when it was 0.4 per cent.
On a seasonally adjusted basis, average house prices in the UK decreased by 0.4 per cent between January 2019 and February 2019.
Since June 2016, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
London saw prices fall by 3.8 per cent over the year to February, down from a 2.2 per cent decrease in January. This was followed by the South East where prices fell 1.8 per cent over the year.
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House prices in Scotland fell by 0.2 per cent in the year to February, down from a rise of 2.4 per cent in the year to January, with the average house price in Scotland now £146,000.
House price growth was strongest in Wales, increasing by 4.1 per cent in the year to February with the average house price at £160,000.
This was followed by the North West, with prices increasing by 4.0 per cent in the year to February, and the West Midlands (2.9 per cent).
While London house prices are falling over the year, the area remains the most expensive place to purchase a property at an average of £460,000.
The North East continues to have the lowest average house price at £125,000 and is the only English region yet to surpass its pre-economic downturn peak.