Average house price now stands at over £300,000
- Average house price now stands at £301,278
- 39 of the 108 regions and counties in England & Wales set new house price peaks – up from 26 last month
- The West Midlands sees highest rate of house price growth
In the latest house price index from Acadata and LSL Property Services plc, parent company of Your Move, it is reported that, while the average house price now stands at £301,278, - up 3.3% annually, it is the West Midlands that has become the region with the highest rate of annual house price growth at 4.8%, with the South East, including Greater London, in contrast seeing price growth continuing to slow.
This is the first time that the West Midlands has taken the top spot in regional annual price growth since Your Move records began in January 1996, 21 years ago. Birmingham is currently seeing new peak prices, with annual increases of 7.8%, assisting the region to gain its number one position. By contrast, Greater London has fallen back into 9th position in terms of regional price change, one place ahead of the North East, which comes in last in the latest figures.
Oliver Blake, Managing Director of Your Move commented:
“There is little in the short-to-medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer confidence strong. In addition, first time buyer numbers are up, not least as a consequence of government schemes and the Bank of Mum and Dad.
“However, with supply still tight, rising house prices remain a problem. We therefore cannot afford to overlook the ongoing housing shortage in the UK, which continues to dampen the hopes of many would-be homeowners.”
To see the full report, click here >