Your Move – House prices rise in October
House prices in England and Wales rose by 0.4 per cent in October, according to Your Move’s latest house price index.
This is the first monthly rise since February, and leaves the average property price at £304,433. Meanwhile, estimated sales in October fell 6 per cent annually, but are 2 per cent than they were two years before.
Annually, prices slowed, falling to 1 per cent. This time last year, the annual change stood at 4 per cent.
Your Move’s report shows that most regions grew over the year, with the biggest gains seen in the West Midlands, at 3.1 per cent, followed by the East Midlands, at 2.8 per cent.
However, in the South East and the North East, the only two regions that have gone into reverse over the year, prices fell 0.1 per cent and 0.2 per cent, respectively.
Measured on a monthly basis, Greater London and Wales both report gains of 0.3 per cent, and the biggest fallers are the North East, dropping 1.1 per cent and the East of England, with losses of 0.8 per cent.
The report adds that because annual house price growth is far below the rate of inflation (currently 2.2 per cent), in real terms, house prices are falling outside of the two best-performing regions detailed above.
Your Move director Oliver Blake says: “Whilst price growth has slowed considerably in England and Wales, the fact that there is a relatively strong economic backdrop… means it’s not all doom and gloom.”
Source: Mortgage Strategy