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House prices increase for first time in eight months


House prices increase for first time in eight months

House prices across England and Wales rose in November for the first time in eight months, according to Your Move.

The average value of a home increased by 0.3 per cent to reach £300,859 last month – the first increase since March.

Prices dropped by 0.6 per cent in the capital and 0.1 per cent in the south east, but growth was positive elsewhere in the UK.

On an annual basis, growth continued to weaken and at 0.9 per cent it reached its lowest point since April 2012.

Annual growth was strongest in the south west (4.3 per cent), followed by the north west and the west Midlands (both 3.4 per cent).

The capital’s market has been underperforming for some time, and stronger growth in areas such as Manchester has begun to narrow the price gap between the north and south.

The 11 most expensive of London's 33 boroughs have seen prices fall by 5 per cent in the last 12 months, the second 11 are down 2.6 per cent, while the cheapest third have risen by 0.2 per cent, Your Move reported.

The City of Westminster saw the biggest decrease in prices (18.2 per cent), followed by Southwark (17.9 per cent).

Redbridge saw the biggest price growth (8.6 per cent), followed by Haringey (8 per cent).

Your Move stated the relative underperformance of London appeared to be easing, while the stamp duty exemption for first-time buyers would help to boost the market.

Earlier this month, Halifax revealed house prices in November rose at their highest quarterly rate since January, increasing by 2.4 per cent.

Transactions in November 2017 in England & Wales were estimated to be 77,500, marginally up on the same month last year.

Mike Richards, director at London-based Mortgage Concept Associates, said: "London and the south east were overpriced and I am sure it has to realign itself, and it has been doing. 

"I have seen down-valuations – not a great deal, but just a little bit knocked off each time. It is getting more difficult, and I think [this trend] will continue, slowly.

"The rest of the country is seeing increases, possibly because buy-to-let landlords are looking further afield to the Midlands, the north, Wales and the west country."



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