House price growth continues as regions redress the balance
House price grew by 0.2% in August with the average England and Wales house price now standing at £297,398 according to the latest House Price Index from Acadata and LSL Property Services plc – parent company of Your Move. This is 2.1% higher than at the same time last year when the average price was recorded as £291,416.
On a regional basis, based on figures in July, the index reports that all regions recorded annual growth and, with the exception of London and the South East, higher priced areas – the East, South West (up 3.9% annually), East Midlands (up 3.5%) and North West (up 3.9%) – are all seeing stronger annual growth than the cheaper regions of the North East (up 1.2%), Yorks & Humber (up 1.0%) and Wales (up 1.8%). The East of England also saw particularly strong increases with prices up 5.5% annually. London itself saw house prices fall by an average of 1.4% leaving the average price in the capital at £591,459. Over the year, though, prices are still up by £4,134 or 0.7% compared to July 2016. In July, 21 of the 33 London boroughs saw price falls, however 20 boroughs have increased over the year.
Oliver Blake, Managing Director of Your Move estate agents, said: “We’re seeing a balanced market this year. Regions like the East of England are closing the gap on the traditionally stronger performers like the South East as first time buyers drive growth in search of more affordable housing.”
To see the full LSL/Acadata England and Wales House Price Index please visit our Media Centre at https://www.your-move.co.uk/house-price-index