House prices grow in all regions, but transactions drop: LSL

The latest LSL house price index shows price rises in England and Wales at 2.1 per cent year-on-year in June.

The increase is the first rise to have been seen in a year.

However, on a monthly basis, prices fell by 0.2 per cent in June.

The average house price now stands at £303,960.

The report shows that all regions strengthened annually, with the North East and the West Midlands the star performers, growing at 3.7 per cent and 3.2 per cent, respectively.

At the bottom of the table are the South East and the East of England, which saw annual growth of just 0.5 per cent and 0.7 per cent.

The London housing market paints a rather more mixed picture, and its contradictions are present even within the same price bands. Looking at the top end of the market, for example, the average house price in Kensington and Chelsea grew by 4.4 per cent, but fell by 16.9 per cent in the City of London.

The index also reveals that transactions are down by 8 per cent year-on-year, which chimes with the recently released RICS residential market survey, which notes that 7 per cent of respondents reported a fall in house sales. Said report also notes that property is taking longer to shift, rising from sixteen to eighteen weeks with the year.

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