A new north-south divide as northern regions drive transactions
- Prices climb to a new peak despite General Election uncertainty
- West Midlands remains region with highest growth in price
- Strong growth in London prime property
- Liverpool the 'city to watch'
After a slow start to the year, house prices in England and Wales rallied to a new peak in May. The uncertainty of a General Election did little to dampen the market, with the average price up 0.3% to £303,200. The value of the average home has now increased £13,934, or 4.8%, in the last 12 months.
Activity remained relatively strong, too, with transactions slightly lower than usual for the season but still up 6% on April, with an estimated 62,500 sales. A sharp slowdown in sales in London, the South East and East of England is increasing being offset by more resilient performance in the North.
- With the electioneering now over the focus must be on meeting the manifesto promises - building more homes for those that need them and addressing issues in relation to the lettings market.
- Transactions in the North East (up 10%), North West (6%), Yorks & Humberside (7%), East Midlands (4%), West Midlands (6%) and Wales (13%) are all higher in the three months to the end of April 2017 than the same period in 2015; transactions in high-priced areas such as Greater London and the South East are down by (19% and 7% respectively). See separate London figures in the attached report.
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