Current Market Ticking Over As Affordability Pressures Dominate
Our friends at LSL Property Services produce a series of monthly reports on the property market including a House Price Index for England and Wales. The following is a brief summary of the report together with a link to the full version which includes a more detailed analysis.
- Prices are currently in effect static, increasing by 0.1% in the month though still by 3.5% over the year
- West Midlands has the highest price increases for the second month in succession
- Sales volumes in London down 20% from Q1 2015 as high rates of stamp duty take their toll
|House Price||Index||Monthly Change %||Annual Change %||Annual % (excluding London & the South East)|
The average house price rose to £301,278 in March, up 0.5% month-on-month and 3.3% annually. The West Midlands has become the region with the highest rate of annual house price growth at 4.8%, but the South East, including Greater London, sees price growth continuing to slow.
This is the first time that the West Midlands has taken the top spot in regional annual price growth since Your Move records began in January 1996, 21 years ago. Birmingham is currently seeing new peak prices, with annual increases of 7.8% assisting the region to gain its number one position. By contrast, Greater London has fallen back into 9th position in terms of regional price change, one place ahead of the North East, which comes in last in the latest figures.
Click here to see a full copy of the report