House prices see highest annual rise in four years, but rate of growth slowing
• Average house prices climb £23,443 or 9.6% in the past year – 5.2% excluding London and South East
• On a monthly basis, growth cools to 0.7% in June – dropping to 0.1% without London and South East
• London house prices up 15.6% annually, but prices falling in Westminster and the City
• First-time buyers strengthen recovery nationwide, with new peak prices set in South East and East Anglia
David Newnes, Director of Your Move estate agents, owned by LSL Property Services plc, comments: “Average house prices in England and Wales have climbed 9.6% in the year to June, the highest annual rise in house prices experienced since July 2010. Twelve months of solid house price increases have driven up average property values by a total of £23,443, setting a new record high of £268,637. But if you exclude London and the South East from the picture, average house prices across England and Wales have risen a far more sustainable 5.2% over the last year. There are also new signs that growth is beginning to slow as we move into summer, and following the changes brought about by the Mortgage Market Review implemented at the end of April. The 0.7% monthly change witnessed in June – amounting to £1,900 – is below the average 0.8% increase per month recorded over the last year, as house price inflation starts to moderate. And if you remove London and the South East from the equation, house prices are up only 0.1% in the month to June.