Your Move house price index highlights England’s divide

The latest data from Your Move shows an increasingly fractured English housing market when looked at regionally – the most prominent spilt being between the north and south.

In England and Wales overall, monthly house prices rose 0.3 per cent in December.

Annually, growth came to 0.6 per cent, the lowest level recorded since April 2012. This leaves the average house price in England and Wales at £306,647.

Your Move adds that transactions fell 2.4 per cent through 2018, with the estimated number of sales in December falling 8.1 per cent when compared to November.

On the top of regional variances, the biggest monthly rise in England was seen in the North West, at 0.8 per cent, with the North East having the second-highest growth, at 0.4 per cent.

Meanwhile, the average price of properties the South East dropped 0.2 per cent, with the East of England matching this negative growth, and in the South West there was no movement at all.

Wales recorded 0.8 per cent monthly growth.

Looked at annually, Wales and the East Midlands both scored 3.6 per cent growth, the West Midlands recorded 3.3 per cent and the North West 2.7 per cent.

Greater London had the lowest yearly growth, dropping 0.3 per cent in December, closely followed by the East of England, at 0.1 per cent.

Within London, properties in Kensington and Chelsea have had 21.2 per cent chopped off their asking prices over the year, and in the City of Westminster, 24.8 per cent.

However, in the three months to November 2018, sales in the capital grew 4 per cent on a yearly basis, which Your Move says is “possibly the result of significant numbers of new builds.”

Your Move managing director Oliver Blake comments: “Due to current political and economic unrest it is understandable why buyers and sellers may be taking a ‘wait and see’ approach to the property market.

“In turn, as demand waivers, it means that property may become more affordable to more people. This should help buyers, and first-time buyers in particular, when they are ready to act.”

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