Regional variations in house price growth
- January sales volumes beat expectations
- Strong start to the year sets new peak in average house prices
In the latest LSL/Acadata House Price Index Reeds Rains’ parent company, LSL Property Services plc, has reported that housing market activity in January was higher than usual for the time of year, with 60,000 transactions – up by more than 2,000 in 2015 but lower than the 62,059 in January 2016.
In terms of average house price growth, the Index reported that, on average, prices in England and Wales broke the £300,000 barrier – reaching £300,169.
While the North East was at bottom of the table in terms of house price growth, with prices dropping 0.3% in December, every other region of the country has seen prices grow in the last 12 months, led still by the East, where the average price edged up a further 0.1% in the month to finish 7.1% up on last December.
The strongest annual growth in a unitary authority, however, was in Kingston upon Hull, 2017 City of Culture. Prices in Hull grew 1.5% in December to finish up 16.8% on the year, with the average house price rising by £19,072 to £132,590. That performance wasn’t matched by Yorkshire and Humber more widely, however, with prices in these areas growing just 2.3% over the year.
To see the full LSL/Acadata Index, please go to www.lslps.co.uk.