UK property asking prices are up 0.6 per cent on a monthly basis, although this level of growth is expected to stabilise as the year progresses.
Whilst in England and Wales asking prices were up 0.6 per cent month on month, the annual rate fell to 2.6 per cent. Scottish property performed slightly less well, with prices up 0.2 per cent month on month and 1.6 per cent on an annual basis.
The data, gleaned from the latest Home.co.uk index, found that the growth has boosted the average UK asking price to £300,187 in England and Wales, £177,459 in Scotland and £541,618 in Greater London. The latter saw asking prices rise 0.6 per cent month on month but decline 1.5 per cent year on year.
Regionally, asking prices rose in all regions on both a monthly and yearly basis, with the exception of Greater London. Yorkshire and Humber recorded the strongest monthly growth, at 1.2 per cent. The index suggested that this was due to a rise in buy to let investment from landlords. On a yearly basis, the region saw asking prices grow by 2.8 per cent.
Despite reports of stagnating growth, many regions saw asking prices in a strong position in comparison to a year prior to the index. The East of England saw prices up 9.6 per cent year on year, the South West up 4.2 per cent and finally the East Midlands with growth of 5.4 per cent.
Once again, the index reported a disparity between supply an demand, with the flow of new property entering the UK market down 6 per cent year on year. However, in certain regions supply is on the rise, with the East and South East seeing a 4 and 5 per cent rise respectively.
Director of Home.co.uk, Doug Shephard, said: ‘Whilst this month’s price rises indicate a typical seasonal lift, the overall trend towards lower year on year price growth continues. Rising inflation due to a weaker post Brexit pound means that capital values overall are not rising at all in real terms. However, there is significant growth in several regions over and above the rate of inflation. Vendor confidence remains high in certain regions and is most apparent in the East of England, East Midlands, North West and South West. Whilst the slowdown persists in London and the South East, brought on by oversupply and overly high prices, it is these more outlying regions that are lending the greatest support to the national housing market figures.’