House prices in England and Wales increased by 0.3% in November, the first monthly rise since March, according to Your Move’s house price index.
The average house price in England and Wales now stands at £300,859, giving a modest annual price increase of just 0.9%.
This monthly growth has been fuelled by a rise in the number of transactions, which are up 4%, year on year, in the third quarter of this year.
Despite these more positive monthly figures, Your Move reports that the annual rate of growth in the housing market continues to slow.
The annual growth rate of 0.9% is the lowest it has been since April 2012, and continues the downward trend started in June. In November 2016 annual house price growth stood at 6.3%.
The regional figures show that the slowdown in London and South East house prices remains a brake on the national figures. Annual house price growth in other regions stood at 3.3% in November, up from 3.2% the previous month. In greater London house prices fell by 0.3% annually, to give an average house price of £586,987.
This was the only region to show an annual fall in prices over the year. The biggest gains were in the South West, where prices have risen by 4.3% annually – to give an average price of £281,126. Wales, the North West, and the East and West Midlands have all recorded annual price increases of more than 3%.
Looking forward, Your Move said there were some “encouraging signs” for 2018 which may point to a “turnaround” in the market.
It’s report said:
“First, monthly changes finally seem to be on an upward trend. Second, the relative underperformance of London, which has done much to weaken the national figures, appears to be easing.
“Finally, buyers in the coming months will benefit from the key budget announcements of an exemption from stamp duty for first-time buyers on homes of up to £300,000 and more money for the Help to Buy scheme.”
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.