Average House Price Lower than March Peak according to Your Move
According to the latest Your Move England & Wales House Price Index, prices are starting to cool ahead of the summer as a North-South divide re-emerges.
New Analysis for June shows that the average house price is £301,114, down 0.2% on May. House prices have continued the downward trend and are now on average £2,358 lower than March peak.
The general trend over the last year has seen house prices grow by 3.8%.
The East of England has reclaimed its top spot over other the regions, prices in the East of England were up 0.3% over the month.
A North-South divide re-emerges, with annual growth in the Midlands and South, excluding London, above average.
In London, City of Westminster has seen a 19.7% increase over the past 12 months as prime property leads the way. The City of Peterborough has the highest increase in transactions, up 31% on 2015 levels.
Managing Director of Your Move and Reeds Rains estate agents, Oliver Blake, said: ‘Don’t write the market off just yet. We’ve seen three months of falls, but it’s far too early to panic. Mortgage rates are still affordable and the slow down we have seen will already have helped some buyers struggling with affordability.
“We’re still seeing strong growth in the East and in prime London. We’re also seeing a return to the North-South divide in terms of price growth. In many ways, it feels like we’ve been here before.’
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