Strong finish to the year across all regions in England and Wales
- Hull is top-performing unitary authority with annual price growth at 16.2%
- The East is the top performing region, up 7.9%
Prices have now almost fully recovered from the peak they reached in March 2016 ahead of the 3% surcharge on stamp duty on second homes and buy-to-let properties which was introduced in April. Strong performance in cheaper properties across the country saw every region in England and Wales finish the year with positive house price inflation.
There have, however, strong regional variations with heavy falls in some areas of the South and annual price growth as high as 16.2% in Hull.
There has also been dip in transaction numbers – overall down 3.9% in 2016 compared to 2015 and for the last six months of the year fell 14.7% compared to 2015.
Oliver Blake, Managing Director of Reeds Rains says, “As the lower transaction figures since April show, the market faces challenges ahead, but it enters 2017 a lot stronger than many would have expected.”