In the latest LSL/Acadata England & Wales House Price Index, it has been reported that house prices overall were essentially flat in September, but the leading regions continued to buck the trend. Prices for the East of England led the charge again, up 7.5% for the year, ahead of the South East, up 7.2%, and the South West, up 4.2%.
Typically for the time of year, transactions fell in September from the previous month to an estimated 74,000 sales, with house hunting interrupted for many by the summer holidays. As predicted last month, transactions are at similar levels – or a little above – as they were in 2013, and look likely to rise over the coming couple of months as in that year.
Overall transactions levels reflect long-term trends of increasing landlordism and let-to-buy, with many owners remortgaging and letting their existing home to finance a move, rather than selling. Despite slower sales in recent months, though, the surge in sales in March ahead of stamp duty changes means transaction levels for the first nine months are still broadly in line with last year – 658,286 sales year-to-date, against 659,495 over the same period of 2015.
Adrian Gill, director of Reeds Rains estate agents, commented:
“We’re seeing regions across record big price increases driven by demand for affordable homes and at the same time transaction levels are showing how much the market has changed, with the number of properties now held by private landlords changing market dynamics.”
To see the full report, please access: www.lslps.co.uk