House price growth slows yet remains positive in many areas
- Annual house price growth of 1.3% in September
- Wales housing market strengthens and East and South West power on
- Market pauses with transactions 20% lower in September compared to same month last year
Annual house price growth slowed in September 2017. While values reduced slightly (by 0.1%) over the month, annual growth continues to be positive at 1.3%. The average price at the end of September in England and Wales was £297,287, up £3,890 on the same month last year. Transactions dipped over the month (63,000 in September) down a fifth on last year.
Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “Despite slowing price growth, particularly in the southern regions, the North continues to report positive results. The future, however, will rely heavily on stock availability, and with housing clearly on the political agenda, what government support may be offered to those looking to buy and who will ultimately influence market activity.”
The traditional North-South divide has been upended. Most recently, price growth has slowed in southern regions, while the North proves more resilient. Outside of London and the South East, annual price growth continues to be 3.3% and in Wales the market is strengthening, with transactions holding steady.
Data source: LSL Property Services