LSL: House price growth reaches 3.1% in November

Ryan Bembridge

December 12, 2016

Annual house price growth stood at 3.1% in the year to the November after rising by 0.1% from the month before, the LSL House Price Index has found.

The increase brings the average house price in England and Wales to £295,276.

Adrian Gill, director of Your Move and Reeds Rains estate agents, said: “House price growth has slowed again, but in London, as elsewhere, there’s still appetite to continue driving up prices where buyers see value.

“For all the talk of Brexit uncertainty, the main factor driving up prices in the housing market is still supply and demand. That imbalance remains even after the government announcements in the Autumn Statement.”

The East of England and South East lead the way with annual growth of 6.6% and 5.6%, while in last place is London with growth of just 0.1%.

Richard Sexton, director of e.surv chartered surveyors, said: “The market is still performing better than many expected. Transaction levels remain subdued, but are not far off previous years. Prices are still edging up.

“Supply remains the big issue. The Chancellor has announced plans for 140,000 new homes as part of the Autumn Statement, but the ‘radical’ plans promised to boost supply will be in the Housing Whitepaper, postponed to January. The uncertainty that’s so characterised this year looks set to continue a while longer.”

Sign up to our daily email