England and Wales avg prices up 0.5%
Average house prices in England and Wales rose 0.5 per cent in March, a new study from Your Move has shown.
The findings showed that average house prices also jumped 3.3 per cent year-on-year to £301,278 in March.
Eight out of ten regions recorded new peak price averages with the West Midlands seeing the highest rate of annual house price growth at 4.8 per cent, though the south east has seen slowed price growth.
It marks the first time the West Midlands has taken the number one spot in regional annual price growth since the first Your Move Index in January 1996. What’s more, Birmingham has seen new peak prices, recording annual increases of 7.8 per cent.
On the other hand, Greater London has dropped into ninth position when it comes to regional price change, putting it one place ahead of the last-placed north east. In Wales, average prices jumped by 0.8 per cent month-on-month and by 1.6 per cent year-on-year to the average of £175,864.
In Greater London, the average price is now £606,783, with the lowest-price boroughs such as Bexley, Havering and Croydon are recording the most significant growth in prices.
Across February, the top 11 boroughs by value saw prices drop by an average of 0.5 per cent, while the bottom 11 boroughs saw prices rise by 0.4 per cent. This compares to the annual growth of 0.8 per cent and 5.5 per cent respectively.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “In England and Wales, house price inflation continues but at a relatively low, though still positive, level.
“From May 2016 onward, there has been a relatively gentle and almost straight line increase in house prices, despite the Brexit referendum in June 2016.”
Mr Blake went on to say that house price inflation is continuing at a relatively low level that remains positive.