Saturday, February 24, 2024

Average property prices in UK rise marginally over the past year

Average property prices in England and Wales have risen just £32 over the past 12 months, according to a report from agency Your Move and data firm Acadata

Average property prices in England and Wales have risen just £32 (US$40) over the past 12 months, according to a joint report Monday from agency Your Move and data firm Acadata.

“Although England and Wales have experienced record-breaking temperatures over the last few months,” reads the report from Peter Williams, chairman of Acadata and John Tindale, Acadata housing analyst, “the term ‘hot’ would not be an appropriate description of the housing market over this last summer.”

Home prices in August stood at £299,596, remaining almost exactly flat from the same time last year when the average property price was £299,564. In comparison, last August logged an annual increase of 2.1%.

Though London and its surrounding regions have been acting as a drag on national prices for the past two years, that’s no longer the case. But they aren’t boosting prices either, the report said.

And prices are still growing more steadily in the north of the country.

Wales remained on top for property price growth for the fourth month in succession, logging annual price gains of 2.5%, putting the average at £186,788. The North West of England followed, with gains of 1.7% to £195,025.

London climbed back into positive territory and ranked fifth for price growth after seeing prices increase 0.7%, equating to £4,100, leaving average prices standing at £605,557.

Only the East of England and the South East logged annual price falls—as they have done consistently for the last five months, the report said.

Like house prices, transaction levels were sluggish in August.

Last month there were an estimated 76,000 sales across England and Wales. The figure is lower than the 81,000 sales logged in July.

As with prices, the better performance is being seen in the north, with those regions logging slight upticks in sales, or at least smaller declines, compared to their southern neighbours.

Affordability is cited as a major driver influencing the increases.

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