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House price slump continues amid slowing market

by: Edward Murray
  • 14/08/2017
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House price slump continues amid slowing market
Annual house price growth throughout England and Wales continues to slow according to figures from estate agent Your Move.

Your Move’s House Prince Index for July put average property values at £298,906, down 0.2% on the previous month. The annual rate of growth was down to 2.9%, well below the 6.8% rate of annual growth recorded a year ago.

On a monthly basis all regions across England and Wales fell back, except for the East of England, which was flat. The biggest fall was in Greater London, registering a drop of 1.5% in prices from the previous month, while Wales was down by 1%.

But on an annual basis, all regions remain up on last year’s prices. Prices in Wales are only 0.2% ahead of where they were a year ago, while in the East of England they are 5.1% up on the previous year.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, was upbeat in the face of a slowing market and said: “Annual prices are still rising and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months.

“While, as a business, we often see this at this time of year, the cause of the dip may also be down to the buy-to-let slowdown as a result of tax changes.”

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