Property Price Growth Hits Six Year Low

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Property price growth in England and Wales continues to slow down according to the latest index from Your Move and Reeds Rains.

The September index shows annual property price growth down to 0.9 per cent nationwide, which represents the lowest rate since early 2012.

However, the average price remains above £300,000 at £302,626 and is up almost £3,000 compared to September 2017.

The South East has become the first region to record negative annual growth at -0.1 per cent, though England and Wales as a whole fell by 0.1 per cent on a month-to-month basis.

Year-on-year the biggest rise in prices was seen in Greater London at 3.9 per cent, taking the average to £623,677 while prices also increased by 0.4 per cent month on month. The next biggest price growth annually was 2.9 per cent in the West Midlands to £222,741.

The East Midlands rose by 2.3 per cent to £213,238, and Wales was up 2.1 per cent to £181,010.

The North East was up 1.6 per cent to £159,002, Yorkshire and Humber up 1.5 per cent to £188,471, the North West up 1.4 per cent to £191,301, and the South West up 1.3 per cent to £283,601.

The East of England saw annual price growth of just 0.6 per cent to an average of £328,497 and in the South East prices fell by 0.1 per cent year-on-year and by 0.3 per cent month on month to £327,386.

On a month-to-month basis the price growth picture was even less rosy, falling by 0.7 per cent in the North East, by 0.4 per cent in the East of England, by 0.2 per cent in the South West and by 0.1 per cent in the East Midlands.

There was better news in the North West and Wales where price growth was positive at 0.5 per cent and 0.4 per cent respectively. Yorkshire and Humber, and the West Midlands also showed positive price growth of 0.3 per cent and 0.1 per cent.

Property sales also tailed off on a month-to-month basis, down by 16 per cent from August to September.

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