House price growth slows to 2.9%
Annual house price growth slowed to 2.9% in July 2017 – the lowest level of growth for four years, LSL Property Services’ House Price Index for England and Wales has found.
The fastest rising area was the East of England (5.1%), followed by the South West (4.2%) and the East Midlands (4.1%).
Prices fell by -0.2% on a monthly basis, led by sharp falls in Greater London (-1.5%), Wales (-1.0%), and Yorkshire and the Humber (-0.8%).
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Annual prices are still rising positively and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months.
“Whilst, as a business, we often see this at this time of year, the cause for the dip may also be down to the buy-to-let slowdown as a result of tax changes.”
In London the City of Westminster and City of London saw prices drop by 11.6% and 8.2% annually, however cheaper boroughs saw price increases, including Lewisham at 2.4%.
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “The UK property market has suffered a number of economic and political blows over the last 12 months, particularly the combination of punches dealt to Buy to Let landlords.
“But whilst growth has slowed of late and the market seems to be against the ropes, there will be no lasting knockout coming in the medium to long term.
“The naysayers will continue to talk the market down but its overall strength should not be underestimated and as we start to see monthly growth stabilise again the market should find its feet during the remainder of the year.”