- All regions still show year-on-year growth, but continue to slow
- House sales strongest in lower-priced areas
On an annual basis, house prices are still showing some growth at 3.0%, similar to the 3.7% recorded in September according to the latest House Price Index issued by Acadata and Reeds Rains parent company, LSL Property Services plc. – although transaction volumes continue to be subdued, with no rebound after the summer slowdown.
While annual increases in house prices have fallen in the majority of regions, all remain in positive territory. Some regions also continue to show markedly faster growth than others. The East of England (up 7% annually), the South East (6.5%) and South West (5%), continue to show strong growth; in the West (up 4%) and East (3.8%) growth is still robust; and in Wales (0.8%), the North West (1.7%), North East (1%) and Yorks & Humber (0.7%) it’s more modest.
Adrian Gill, director of Reeds Rains estate agents, says, “In some ways, despite a slowdown, the housing market, like the economy, has remained surprisingly resilient since the vote for Brexit. The variety of fortunes in different areas, however, shows the challenge the government faces as it prepares its Housing Policy White Paper, expected this month.”
“Despite lower transactions, homeownership remains a key aspiration for most in the UK, and there’s no sign of a generalised, significant fall in prices that makes that easier to achieve.”