Annual house prices up just 3.3% in England and Wales says agency

Your Move’s latest house price index shows that the average house price in England and Wales is now £301,278 after a slowing 3.3 per cent increase in 12 months. 

The agency says 39 of the 109 regions and counties in England & Wales set new peak prices with West Midlands the region with the highest rate of annual house price growth - although that is only 4.8 per cent, although with the city of Birmingham higher by 7.8 per cent over a year ago. 

Prices are continuing to slow in London and the South East with increases of 1.5 and 3.5 per cent respectively.

The number of housing transactions in March 2017 in England and Wales is estimated at 78,500 - no less than 26 per cent up on February’s total, although this is in line with the average seasonal increase that takes place in March of most years. 

Your Move says a comparison of transaction numbers with last year’s levels is not considered particularly useful this month, because the 2016 figures were distorted by the surge in sales that took place immediately prior to the introduction of the three per cent surcharge on the purchase of second homes. 

“There is little in the short-to-medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer con dence strong. In addition, first time buyer numbers are up” says Oliver Blake, managing director of Your Move and Reeds Rains agencies. 

“However, with supply still tight, rising house prices remain a problem. We therefore cannot afford to overlook the ongoing housing shortage in the UK, which continues to dampen the hopes of many would-be homeowners” he adds.