House price growth continues as regions redress the balance
- All regions in England & Wales continue to record annual house price growth
- East of England still leads the way, with 5.5% annual house price growth
- London has lowest rate of regional house price growth at 0.7%
- Transactions in August were up 6% compared to July
House price growth fell marginally in August (0.2%), which left the average England and Wales house price at £297,398. This is still 2.1% higher than this time last year, when the average price was £5,982 lower.
In terms of transactions, there were an estimated 80,500 sales completed – an increase of 5% compared to July’s total, and up 6% on a seasonally adjusted basis.
Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “We’re seeing a balanced market this year. Regions like the East of England are closing the gap on the traditionally stronger performers like the South East as first time buyers drive growth in search of more affordable housing.
“The rise in transactions in August and strong regional performance highlights a monthly slowdown of prices in the capital. However, on an annual basis, London’s boroughs, particularly those in the south east, are continuing to show steady growth.”
Data source: LSL Property Services