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UK house price growth plunges to six-year low – Your Move

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  • 19/10/2018
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UK house price growth plunges to six-year low – Your Move
Almost every region in England and Wales has seen a significant slowdown in house price growth during September, data revealed.  

 

The annual rate of growth now stands at just 0.9% – the lowest level since April 2012, according to estate agent group Your Move.

A typical home has gained around £3,000 in value over the past year to stand at an average of £302,626.

But monthly declines are steadily eroding this increase.

In September prices dipped by 0.1%, marking the sixth month out of the last seven to have witnessed falling values.

The average price is now 0.7% below the level of £304,866 seen last December.

 

Should be booming

As a result, prices are expected to be falling in annual terms by the end of 2018, housing analysts at Acadata said.

Peter Williams and John Tindale from the group said: “All regions, with the exception of Greater London, have seen a decline in their annual rates of house price growth, hence the current downward pressure on prices is countrywide, as opposed to being a small number of isolated occurrences.

“All this comes at a time when interest rates are at almost historic lows, mortgage supply is good, the number of people in work is higher than a year earlier, and average weekly earnings have increased by 2.4%, on a year-on-year basis.

“The housing market should be booming.”

The South East is the only region so far where prices have fallen on an annual basis – down by 0.1%.

Greater London had the biggest price growth at 3.9%, followed by the West and East Midlands at 2.9% and 2.3% respectively.

After the South East, the lowest growth was in the East of England at 0.6%.

Oliver Blake, managing director of Your Move said: “The chancellor will face a difficult balancing act for housing when he comes to do his Budget at the end of this month.

“He’ll probably be keen to tackle the continuing problems with affordability whilst addressing ways to stimulate the market.”

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