England and Wales house prices finish on a high
- Average prices up 0.4% in December to end just £47 shy of all-time high
- Hammersmith and Fulham sees largest fall
At the end of a year of upheaval and uncertainty, the property market proved its resolution in December according to the latest House Price Index from Your Move’s parent company, LSL Property Services plc (LSL) and Acadata.
Growth of 0.4% pushed the average price of a house in England and Wales up £1,139 to finish the year at £297,678 although annual growth slowed slightly to 3.1% in December from 3.5% in November.
The modest gain in average prices however disguises both the volatility immediately before and after the introduction of the changes in stamp duty, and a massive variation in regional performance. Annual price growth has been in double digit figures for some while falls have been as deep as -11.5% in the London Borough of Hammersmith and Fulham.
The slowdown in transactions has been more consistent across the country, however. Since a strong start to the year, and a surge in March, sales have been lower each month than in either 2014 or 2015.
Oliver Blake, Managing Director of Your Move says, “It’s been a strong finish to an uncertain year. Despite the doubts over Brexit, prices have continued to grow, powered by good-value commuter properties.”