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Property prices have declined for the third consecutive month, according to the latest data released by Your Move.
The new figures from Your Move also revealed that the annual rate of growth has also fallen for 11 months in succession. This means that house price growth no stands at a mere 1 per cent, down from 9 per cent at its peak in February 2016. However, the decline is slowing down. Many of the regions and cities outside of London are providing resilient to price decline.
Aside from London and the South East, prices in England and Wales remain 3 per cent up on the same time last year. Currently it is only London and the South East that are recording an annual fall in prices. London experienced a fall of 0.2 per cent whilst prices in the South East are down 0.1 per cent.
Sales volumes in the capital fell by almost seven per cent, and the number of sales in the South East fell by 8.5 per cent during the same period.
However, transactions may be proving less robust. The data recorded estimated sales of 50,000 in April, down by a quarter on March. This is significantly greater than the usual seasonal decline of 5 per cent.
Unusually, the weather has been cited as one of the reasons for such a decline, with the ‘Beast from the East’ having hit at the end of February and dampened spirits and spending. The lack of activity is also exacerbated by a shortage of properties put up for sale.
Managing director of Your Move and Reeds Rains, Oliver Blake, said: ‘London remains the exception, rather than the rule, when it comes to the strength of the market in the major cities of England and Wales, which remain strong. The market remains slow, though, when it comes to the number of transactions.’