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12 Dec

Average house prices now £8,792 higher than November last year

Posted 12/12/2016 by: Reeds Rains Press Office

  • The average price of a house in England and Wales now stands at £295,276 -
  • although the market has remained largely flat since June, despite Brexit uncertainty
  • Value areas continue to see strong growth

The latest LSL/Acadata House Price Index reports that, in November, the average price of a property is up 3.1% on the same time last year – standing at £295,276 – that’s £8,792 higher than last year but, despite this, it is believed that the market has remained largely flat since June, despite Brexit uncertainty.   

In terms of transaction levels, there has been a marginal improvement in the last month with an estimated level of 77,500 sales in November.  

Adrian Gill, director of Reeds Rains estate agents commented: “For all the talk of Brexit uncertainty, the main factor driving up prices in the housing market is still supply and demand. That imbalance remains even after the Government announcements in the Autumn statement.”

“The market is still performing better than many expected. Transaction levels remain subdued, but are not far off previous years. Prices are still edging up – but there are regional variations.” 

The report highlights that, while the East of England is performing particularly well, Rutland in the East Midlands recorded the highest annual growth this month, with prices up 23.2% - although this is largely as a result of relatively low transaction volumes. Thurrock and Luton are also consistent performers, with good rail links into London making them popular commuter hotspots for those priced out of the capital. 

At the other end of the table, the North East (up 1.4%), Wales (1.3%), and Yorks and Humber (up just 0.8%), have all seen much more modest price increases. Every region, though, continues to see growth over the year. 

To see the report in full click here >