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House prices rebound in October – Your Move

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  • 12/11/2018
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House prices rebound in October – Your Move
House prices in England and Wales rose by 0.4 per cent in October 2018, recording the first increase since February, data showed.

 

The average house price now stands at £304,433, up from £301,367 in the same period last year, according to Your Move’s latest House Price Index.

On an annual basis, the rate of price increases continued to slow dropping to just one per cent. Nevertheless, most regions continue to show growth, the exceptions being both the South East and North East, which show modest falls on an annual basis.

The report found that house prices are seeing real term falls in most regions, and are now growing at their slowest rate in over six years since April 2012.

However, the West Midlands and East Midlands are bucking the trend, growing by three per cent.

All regions have seen annual house price growth reduce in the last month, with the slowdown most pronounced in the North East, dropping by two to -0.2 per cent, and in London and Wales, with growth slowing from three to two per cent in both cases.

 

Slowdown in London

In London, annual price growth has slowed substantially in the last month, falling to two per cent. There has still been an increase of £10,889 in the last 12 months, with the average price in London now standing at £620,571.

Overall in London, eight boroughs show annual growth, while the remaining 25 show falls.

At the top of the market, Kensington and Chelsea remains the most expensive borough with an average price of £1,754,706, down 0.8 per cent on a year before.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Whilst price growth has slowed considerably in England and Wales, the fact that there is a relatively strong economic backdrop and there have been three consecutive months of growth, means it’s not all doom and gloom.”

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