House prices in England have risen by 0.7% since May 2019 taking the average property value to £246,728, according to the latest figures from HM Land Registry.
The North East experienced the greatest monthly price rise with a 1.7% uplift whilst South West saw the most significant monthly price fall with a drop of0.4%.
On an annual basis the East Midlands experienced the greatest price rise, up by 3.2% with London seeing the largest price fall, down by 2.7%.
London-based property developer Keshava Raghubeer of Sixteen South West said the results for the Capital were unsurprising but disappointing.
He said: “London has been in a state of transition for sometime now so these figures have not come as a massive shock.
“Brexit and a wider correction of the market have all impacted house prices in London. As with any correction this provides opportunity for investors and those looking to get on the ladder.
“Historically London has always been strong and whilst prices are contracting for now they will rebound.”
Despite the correction the average property value in London still stands at to £466,824.
Shepherd Ncube, founder and CEO of Springbok Properties, added:“The property market is certainly stuttering, and this won’t be welcomed by the nation’s homeowners but, of course, those looking to get a foot on the ladder won’t complain about a momentary respite in the escalating cost of doing so.
It’s important to note that we aren’t seeing a market freefall, far from it, but after such a prolonged period of notable house price growth, the market is now adjusting at a natural rate to align itself with the current climate.
As a result, the rate of growth in London and the South East continues to see negative movement while the traditionally more affordable regions of the UK remain defiant, registering healthy levels of growth across the board.”