First monthly increase in house prices in England and Wales since March
- Transactions are up 4% year on year in third quarter and rally by a quarter in prime central London
- Vale of Glamorgan sees highest increase in annual prices as Wales rises up the table
- Annual price growth still slows
Average house prices saw a return to growth in November after several months of slowdown. The average value of a home in England and Wales in the month increased by £818, up 0.3%. At £300,859 in November, the average price also remains above the £300,000 mark, which it crossed last December.
On an annual basis, growth continues to weaken. At 0.9% it’s at its lowest since April 2012, but the return to monthly growth may signal the culmination of a turnaround that can be seen since September, when monthly price falls started to slow. London and the South East remain a pull on the market, though. Without them, annual price increases are 3.3%, up from 3.2% in October.
Transactions in November 2017 in England & Wales are estimated to be 77,500, marginally up on the same month last year.
The return of monthly growth has come just in time to save the market from recording an annual decline in prices. Nevertheless, the rate of growth in November at 0.9% continues the consistent downward trend begun in June. Only a year ago, annual price growth was 6.3%.
Despite the turnaround last month, the monthly falls since March also mean average prices remain more than £5,000 lower than their peak earlier this year of £306,063.
Data source: LSL Property Services