Annual house price growth in England and Wales at lowest for over six years

House price growth in England and Wales is continuing to slow, down to 0.9% annually, the lowest rate in six and a half years, the latest index data shows.

However, the average price remains above £300,000 at £302,626 and is up almost £3,000 compared to September 2017, according to the Your Move index.

But month on month prices fell by 0.1% and annual growth is at its lowest level for six and a half years with the South East becoming the first region to report negative annual growth at 0.1%.

Year on year the biggest rise in prices was 3.9% in Greater London, taking the average to £623,677 while prices also increased by 0.4% month on month. The next biggest annual rise was 2.9% in the West Midlands to £222,741.

This was followed by a rise of 2.3% in the East Midlands to £213,238, then Wales up 2.1% to £181,010, the North East up 1.6% to £159,002, Yorkshire and Humber up 1.5% to £188,471, the North West up 1.4% to £191,301, and the South West up 1.3% to £283,601.

The East of England saw annual price growth of just 0.6% to an average of £328,497 and in the South East prices fell by 0.1% year on year and by 0.3% month on month to £327,386.

Month on month prices also fell by 0.7% in the North East, by 0.4% in the East of England, by 0.2% in the South West and by 0.1% in the East Midlands. On a monthly basis prices increased by 0.5% in the North West, by 0.4% in Wales, by 0.3% in Yorkshire and Humber and by 0.1% in the West Midlands.

The index also shows that sales are weak, down 16% in September compared with August with just 72,500 transactions completed in the month.

According to Oliver Blake, managing director of Your Move and Reeds Rains estate agents, in his upcoming Budget the Chancellor needs to tackle continuing problems with affordability, while also addressing ways to stimulate the market.