March housing growth at 16-month low
Annual growth including and excluding the capital is hitting an equilibrium – standing at just 0.5% (4.9% to 5.6%).
Indeed, the LSL said that the reforms to Stamp Duty and the potential for a mansion tax on properties over £2m has dampened down the London market – where the majority of the most valuable properties are.
Richard Sexton, director of e.surv chartered surveyors, said: “With homes on average worth £14,620 more than a year ago, it’s a far cry from anything worth lamenting from a bird’s eye view – even if people on the ground might feel somewhat differently.
“While price inflation simply isn’t as rapid as it was, the stamina is still strong, and prices edged forward another 0.2% in March.”
Average property prices across England and Wales now stand at £275,123.
House sales increased by 11.6% in March to 72,200, but typically a greater monthly upswing is expected between the two months.
Sexton added: “With the general election tightening its tempo every week up until May 7, cautious buyers are holding back to wait and see which way the chips fall.
“Property regulation is a hot topic in one of the most uncertain UK elections in a generation: no one wants to have the rug pulled from under their feet before they’ve made it through the front door.”