England and Wales house prices recover to pre-referendum levels
- Prices edge up again, by 0.1% in month
- London sees the lowest rate of annual house price growth in the country
According to the latest LSL/Acadata House Price Index for England & Wales, house prices continued to rise in November, although by a modest 0.1%, driven by strong gains in cheaper property.
The average house price in England and Wales is now £295,276 - up £380 on the month and exactly the same as it was in May 2016, marking a recovery to the level immediately prior to the referendum.
The most significant impact on the market this year remains the changes to Stamp Duty in April, with strong price increases up to March 2016, followed by a fall following the change. Since then prices have been broadly flat, despite the Brexit vote.
Adrian Gill, director of Your Move estate agents, commented, “House price growth has slowed again, but in London, as elsewhere, there’s still appetite to continue driving up prices where buyers see value.
As recently as March this year, Greater London had the highest annual house price inflation of any UK region. In October, it was the lowest, up just 0.1% over the year.
This slowdown is the result of a significant drop in prices and transactions in prime central property.
Elsewhere the East of England remains the best performing region, with average prices up 6.6% over the year, driven by strong increases in the likes of Thurrock (up 16.2%), Luton (13.7%), and Southend-on-Sea (10.6%) – among the best performing unitary authorities nationally.