House price growth fell by 0.2% in August

Jessica Nangle

September 20, 2017

House price growth fell by 0.2% in August, leaving the average England and Wales house price at £297,398, the Your Move House Price Index has shown.

Average prices are 2.1% higher than the same time in 2016, with London having the lowest house price increase of any region at 0.7%.

East of England house prices are strong, with prices rising by 5.5% annually, closing the gap between the East and the South East, where the average price is £369,095.

Scottish house price growth exceeds the rest of the UK

Oliver Blake, managing director of Your Move and Reeds Rains 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.”

Overall, 80% of the unitary authority areas in England and Wales have recorded price rises over the year.

The biggest decrease on an annual basis was Carmarthenshire, with prices down 7.2% over the year.

In the capital house prices fell by an average of 1.4% in July according to the index – and much of the fall was in London’s three most expensive boroughs, Kensington and Chelsea, City of Westminster and Wandsworth.

There were an estimated 80,500 of sales completed in August which is a monthly increase of 5%, whilst London saw sales between May and July 2017 rise by 7% on the same period last year.

Blake added: “The rise in transactions in August and strong regional performance highlights a monthly slowdown of prices in the capital.”

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