October house price slowdown

Robyn Hall

November 28, 2012

Annually house prices have increased by 1.1% with London leading the way with an increase of 7% in the last 12 months.

Independent buying agent Gabby Adler said: “October was a disappointing month for the housing market across England and Wales. The Autumn market has been slower than expected with fewer new properties coming up for sale.”

Adler said the lack of stock was the main problem in parts of London such as Barnes where there was almost nothing on the market in the £800,000 to £1.3m price bracket.

She said: “This is what most families are looking to spend when they move to the area. The top end of the market is quite different and most of these properties are sitting on the market for many months with super-prime properties taking a year or more to sell across Richmond-upon-Thames.”

Wales experienced the greatest monthly rise with an increase of 1.5% while the North East saw the most significant monthly price fall with a decrease of 4.2% and annual decline of 5.8%.

Tracy Kellett of buying agents BDI Home Finders said: “The fact that Wales, which has been under the cosh for some time now, showed the strongest price growth during October underlines the extreme volatility in the market.

“If it weren’t for London the average annual change in England and Wales would be a lot less than 1.1%.”

Kellett added: “The capital is giving the kiss of life to the rest of the country.”

The most up-to-date figures available show that during August 2012 the number of completed house sales in England and Wales decreased by 3% to 62,291 compared with 64,417 in August 2011.

And the number of properties sold in England and Wales for over £1 million in August 2012 increased by 12% to 843 from 753 in August 2011.

Sign up to our daily email