House prices continue to edge up across England and Wales on an annual basis
The average house price in England and Wales increased by 2.1% on an annual basis in June, up from 1.8% in the previous month to £303,960, the latest property index shows.
All regions saw annual growth in June, led by the North East with growth of 3.7% but month on month prices fell nationwide by 0.2%, according to the Your Move index data.
Prices were down in all regions apart from Greater London on a monthly basis with the biggest fall some 2.6% in Wales. Sales have also fallen, down 8% in the six months to June 2018.
However, annual price growth has started to accelerate in London, up 2.8% year on year and up 0.2% month on month. It is the first growth since the start of 2018.
Areas where prices have dropped are concentrated in Wales and the South of England. The South East is the weakest region with prices down 0.4% month on month and up just 0.5% year on year.
Locally some areas have record prices. East Sussex, Oxfordshire, West Berkshire and the Isle of Wight all set new highs with average growth of 7.8%, 6.1%, 5.1% and 3.4%, respectively.
On an annual basis, Windsor and Maidenhead in the same region shows the largest reduction in prices for the third month running, down 12.4% over the year.
‘Two key factors could give rise to cautious optimism this month. The overall month on month decline has slowed to its lowest since February and in London there was modest house price growth for the first time since January,’ said Oliver Blake, managing director of Your Move and Reeds Rains estate agents.