House prices edged up by the narrowest of margins in September, with the average price rising £120 over the month to £292,763. Prices in England and Wales are now 3.5% up on last year, with the average house worth £9,896 more than in September 2015.
High priced prime London property continues to see the biggest slowdown in inflation, while cheaper property on the periphery and the leading regions are still seeing strong growth year on year.
Transactions numbers, however, fell in September from the previous month to an estimated 74,000 sales although it is considered this might be because of the summer holidays.
Adrian Gill, director of Your Move estate agents commented:
“We’re seeing a two speed market become firmly established as cheaper parts of the capital and the regions record price increases while prime London property stalls although – with more landlords entering the market, this all creates big challenges for government housing policies, which are going to have to be flexible enough to allow regions to make use of the solutions that work best for their different needs.”
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