The West Midlands has confirmed its position as the fastest growing region for property price growth, with prices up 0.5 per cent monthly and 6.2 per cent annually.
Surpassing the East of England, which saw an annual growth of 4.9 per cent, property in the West Midlands has powered on, topping the growth table of the latest Your Move Buy to Let Index with Shropshire at 10 per cent. Telford and Wreckin and Hertfordshire also bolstered the growth of the region the areas recording rises of 7.6 per cent and 7 per cent respectively.
Overall, 90 out of 108 unitary authority areas in England and Wales saw prices rise in the last year, with Buckinghamshire leading the way at 12.1 per cent. Prices in Greater London were down 0.1 per cent in March, but up 1.4 per cent annually. This marks a stark contrast to the growth of 13.6 per cent in the 12 months until March 2016. Annually, the capital is the slowest region outside the North East.
House prices remained stable during April, up by just 0.1 per cent for the second successive month. On a quarterly basis, prices were up just 0.5 per cent, with the average house in England and Wales now worth £301,606. Annually, there was a slight rise in prices up 3.5 per cent. Transaction levels were estimated to be at around 63,500. This marks a 7 per cent monthly decline on March, however figures remain in line with levels noted in 2015.
Whilst the General Election call in April generated much buzz, it actually had little effect on monthly figures, as decisions to buy and sell were likely made far before the announcement. However, it is anticipated that this may affect prices further down the line.
Managing Director of Your Move and Reeds Rains estate agents, Oliver Blake, said: ‘Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more. As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home.’