The West Midlands has topped the charts for regional annual price growth, according to the latest survey from Your Move.
For the first time since Your Move records began in January 1996, the West Midlands has topped the list in terms of regional annual price growth. However, it was not the only region to see success. 39 out out of 108 regions and counties in England and Wales set new peak prices during February, up from 26 last month. This figure marks the highest number of regions with peak prices in a month since March 2016.
Overall, middle England (constituted of the West Midlands, East Midlands and the East of England) saw the strongest growth in house prices, along with the South West. However, in contrast the South East and Greater London saw slightly more muted growth than in recent times. The latter fell into 9th position in terms of regional price change, just one place ahead of the North East which say at the bottom of the list.
The number of housing transactions during March 2017 in England and Wales was estimated to be at around 78,500, marking a significant 26 per cent rise on February’s total. Whilst this may seem unusually high, it is standard in line with the average seasonal increase that is often seen in March.
In February, house price inflation dropped to 3.1 per cent, down fro the 4.7 per cent of the previous month. This marks a decline of 1.6 per cent, the largest in a single month since December 2010 during which a fall of 2.0 per cent occurred.
A comparison of transaction numbers year on year was not deemed useful this month, due to the nature of last years figures which were skewed by the surge in sales prior to the addition of the 3 per cent stamp duty surcharge in April last year.
Managing Director of Your Move and Reeds Rains estate agents, Oliver Blake, said: ‘In England and Wales, house price inflation continues but at a relatively low, though still positive, level. From May 2016 onward, there has been a relatively gentle and almost straight-line increase in house prices, despite the Brexit referendum in June 2016. There is little in the short-to-medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer confidence strong.’