House prices in England and Wales were flat in September, agents index shows
House prices across England and Wales were flat in September and are now up 3.5% compared to a year ago but the headline figure masks regional variations, according to the latest index.
At £292,763 the average price of a home is now almost £10,000 more than a year ago but some regions are seeing strong annual growth while prime property in London has recorded the biggest slowdown.
A breakdown of the figures from the Your Move index shows that in London the average price fell month on month by 0.6% to £580,930 while prices were down by 0.3% in Wales, the south west and Yorkshire and Humber to an average of £168,051, £265,170 and £176,174 respectively. Prices also fell by 0.2% in the north east to an average of £145,623.
Prices increased the most by 0.3% in the north west, the west midlands and the east of England to an average of £177,670, £203,507 and 309,835 respectively and also increased by 0.2% in the east midlands to £193,601 and by 0.1% in the south east to £361,211.
Year on year prices increased the most in the east of England with annual growth of 7.5% and were up by 7.2% in the south east, by 4.2% in the south west, by 3.6% in the east midlands, by 3.2% in the west midlands, by 2.4% in the north west, by 2.2% in London, by 1.3% in the north east and by 1.8% in Wales.
Transactions numbers, however, fell in September from the previous month to an estimated 74,000 sales although it is considered this might be because of the summer holidays.
‘We’re seeing a two speed market become firmly established as cheaper parts of the capital and the regions record price increases while prime London property stalls,’ said Adrian Gill, director of Your Move estate agents.
‘At the same time transaction levels are showing how much the market has changed, with the number of properties now held by private landlords changing market dynamics. This all creates big challenges for government housing policies, which are going to have to be flexible enough to allow regions to make use of the solutions that work best for their different needs,’ he added.