House prices in England and Wales down fractionally by 0.2% in August
House price growth in England and Wales fell marginally in August by 0.2%, which left the average England and Wales house price at £297,398, up 2.1% year on year, the latest index shows. The data from the Your Move index also shows that sales increased by 5% month on month and are up 6% year on year on a seasonally adjusted basis.
All regions in England and Wales have continued to record annual price growth led by the East of England with a 5.5% rise to a new peak of £325,616 while London has lowest rate of regional house price growth at 0.7%. An analysis in the index report shows that annual increases peaked in February 2016 at 9.1%, with both London and the South East boosting the national house price inflation figure by over 2%.
The data also shows that the in the South West prices are up 3.9% annually, up 3.5% in the East Midlands and up 3.9% in the North West. Wales has seen an annual rise of 1.8%, the North East a rise of 1.2% and Yorkshire and Humber an increase of 1%. In the East of England region price growth has been led by Southend-on-Sea, up 11%, Luton up 9.2%, Bedfordshire up 9.1% and Peterborough up 8.6%. No authority in the region has seen prices fall for eight months.
Elsewhere, Poole recorded price growth of 12.9%, Blaenau Gwent was up 12.8%), Pembrokeshire up 10.3% and Rutland up 16.3%, while the biggest fall on an annual basis is in Carmarthenshire with prices down 7.2% over the year.
House prices in London fell by an average of 1.4% in July, leaving the average price in the capital at £591,459. Over the year, though, prices are still up by £4,134 or 0.7% compared to July 2016. In July some 21 of the 33 London boroughs saw price falls, however 20 boroughs have increased over the year.