London prices drop but regional markets performing well

Average asking prices in London have fallen, while the majority of regional markets are performing strongly, according to the latest index from property website home.co.uk.

Average asking prices across England and Wales increased by 0.6% last month, driven by price rises outside of Greater London.

In the capital, home.co.uk reports asking prices were 1.6% lower in April when compared to 2016, although there was no movement between March and April this year.

Meanwhile, leading the regional league table for annual price growth is the East of England, followed by the East Midlands, the South West and the West Midlands.

The North West is showing annual growth of around 4%, while the consistently ‘lacklustre’ market in the North East is showing signs of a ‘genuine recovery’, says the property website.

The strongest monthly performer in April was the West Midlands with monthly growth of 1.2%.

Home says that the average time on the market across England and Wales is now 158 days, 3% quicker than this time last year.

The quickest average marketing time is in the East at 106 days. However, properties took 12% longer to be sold in April when compared to the same month in 2016.

It takes the longest to sell in Scotland at 237 days, although the best annual improvement (13%) was recorded north of the border.

"The UK property market is heading into a period of much lower growth overall. The national growth figures will remain muted due to the poor performance of London, which could last for some considerable time," says Doug Shepherd, home.co.uk director. 

Shepherd says the West Midlands, East and South West are currently the 'saving grace' of the UK property market.

"Without their performance, the national figures would look truly terrible and could precipitate a loss of confidence in the market as a whole," he says.

"Moreover, it is pleasing to see increased activity in the northern regions," Shepherd adds.

Yesterday we reported that national property stock fell by 4% during April.

*Graham Norwood is on annual leave until May 18th. Conor Shilling will be undertaking editorial duties in his absence. Please send any enquiries to press@estateagenttoday.co.uk