The Rise of the North West - e.surv Chartered Surveyors

House Price Index, Market Insight //

The Rise of the North West

North West now tops regional price growth league as prices rise at fastest rate in five months. Blackburn records year-on-year growth of 16.4%.

The Rise of the North West

  • North West now tops regional house price growth league as prices rise at fastest rate in five months
  • New peaks also achieved in the South West, East Midlands and Wales
  • Blackburn records year-on-year growth of 16.4%
  • Ninth month recorded of slowing annual house price growth

Average house prices rose again in February, up 0.5% over the month – making it the biggest rise in five months. The North West, East Midlands, South West and Wales all recorded new peak average prices in the month.

Annually, however, price growth continued to slow, slipping to 0.6% from 0.7% in January 2018. The South East and London, however, weigh on the market, with annual prices up 2.5% excluding those regions. It leaves the average value of a home in England & Wales at £299,556, up £1,512 compared to one month earlier, and £1,700 compared to a year ago.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “When examining the bigger picture, house prices are steadily balancing to meet the needs of house buyers which is welcome news for those looking to take their first steps onto the property ladder.

“However, housing supply in the UK isn’t meeting demand and there is still a bottleneck of available
properties. The industry needs to work together to provide a long-term solution to increase movement within the market. By building more homes and introducing more initiatives for each stage of the property lifecycle we should start to see more choice for first time buyers, second steppers and lasttime
buyers.”

Click here to read the House Price Index – February 2018 (England and Wales)

Data source: LSL Property Services