House price growth almost flat in England and Wales
The average house price in England and Wales increased by just 0.2% month on month in November and is just 0.9% above a year ago, the latest index shows.
This takes the average price of a home to £305,522 as the annual price growth is at its lowest for seven year but sales increased by 2.5%, according to the index from Your Move.
The biggest growth in transactions has been in the cheapest region in England, the North East, with transactions in the three months to October up 7% on the same period last year. By contrast, the South East (the most expensive area outside London) saw transactions fall 4%. The capital bucks the trend, with sales up 2%, but it also saw price falls earlier than other regions.
A breakdown of the figures show that prices have fallen in the East of England for the first time since March 2012, down 0.2% year on year, but they did rise marginally by 0.1% month on month to £328,183.
The Midlands and Wales are the areas with the strongest growth with prices up 3.7% year on year in the West Midlands to £226,980 and up 3.5% in the East Midlands to £216,893, while in Wales they increased by 2.7% to £185,893.
In the North West prices are up 1.8% on an annual basis to £194,478, in the South West up 1.4% to £287,641, in the North East up 0.9% to £159,531, in Greater London up 0.8% to £622,508, in Yorkshire and Humber up 0.6% to £189,510 and in the South East up 0.4% to £373,216.
‘Despite the current economic uncertainty it’s encouraging to see that there is still some increase in transaction levels and that, whilst house price growth is relatively flat, it means for first time buyers, for example, the news remains positive,’ said Oliver Blake, managing director of Your Move and Reeds Rains estate agents.