House prices across England have risen by 0.7% since May 2019. The annual price rise of 0.7% takes the average property value to £246,728 according to figures released this morning.
In the North west they grew by 0.2% putting the average house price to £164,116.
The North East experienced the greatest monthly price rise, up by 1.7%,the South West saw the most significant monthly price fall, down by 0.4%,the East Midlands experienced the greatest annual price rise, up by 3.2% while London saw the largest annual price fall, down by 2.7%.
Director of Benham and Reeves, Marc von Grundherr, commented:
“The lowest rate of annual house price growth since the Brexit vote demonstrates the detrimental impact that our current political position continues to have over the sentiment of UK buyers and sellers, particularly those in London.
However, while other reports based on asking prices and mortgage approvals may provide a more sensationalist view, figures on sales completions suggest a market that is ticking over in neutral rather than careering off a cliff.
Transaction levels remain muted but steady and while prices aren’t accelerating, they are stable, and we are world’s away from seeing a market crash. A seasonal uplift in buyer activity over the coming months should see property price growth climb through the gears and depending on which EU exit we take; the market should return to full speed with ease before the year is out.”