Average house price in England and Wales now £302,251
- All regions and 70% of unitary authorities record annual growth
- Smallest difference between the highest and lowest regional growth rates for 18 years
- Leicester tops growth in major cities at +4.8%
On a monthly basis, house prices fell again in July, for the fifth month in succession: down 0.2%, leaving the average house price at £302,251. The figure is still up on an annual basis, however, with prices increasing 1.6% and all regions in England and Wales recording modest, but positive growth.
Flat house prices are largely down to slower activity. In July, there was an estimated 75,000 transactions: 2% down on June and 6% lower than the seasonal trend.
Transactions in the first seven months of 2018 are estimated to be 4% below the same period in 2017.
The annual rate of house price growth of 1.6% is below inflation, meaning that we are seeing a modest real-term decline in prices in many areas. Moreover, while there’s still some variation in the rate of growth between regions – from 3.3% in the West Midlands to 0.5% in the South East and East – the range is narrower than at almost any time since our records began in 2000.
What effect the Bank of England base rate rise at the start of August will have on this, however, remains to be seen.
Data source: LSL Property Services