House prices have risen in every region but four over the last month and annual price growth is unchanged at 1.9%, our exclusive analysis shows.
Feeling a bit lost with so many house price indices out there? The HomeOwners Alliance House Price Watch looks at all the information from the many indices out there to give you one easy to digest round-up of everything you need to know.
The House Price Watch looks at how prices have changed in different regions over the past month and year.
House prices across the UK
Over the last year, house price growth was steady at 1.9% and the average UK home is now worth £229,431.
“With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers,” says Halifax.
Looking at the regional breakdown over the last 12 months, the North West showed the strongest growth at 3.4%.
Wales and the West Midlands also enjoyed strong house price growth over the same period at 3% and 2.7%, respectively.
The North East and London were the only regions to record a fall in prices over the last year.
London suffered the biggest decline at -4.4%, which was significantly worse than a 1.2% fall in April/May.
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How did prices in your area perform?
When we look at price moves over the last month, the picture is mixed.
London, Wales, the East Midlands and North East experienced a decline in house price growth in May/June.
In London, house price growth was -2.5%, which was considerably worse than a 2.4% rise in April/May.
What the indices say
HomeOwners Alliance: “At a national level, annual house price growth remains unchanged for the third month running. Transactions have been sluggish but reports from surveyors indicate that buyer interest is picking up. Regionally, there is a varied picture with annual house prices continuing to fall in London and the biggest house price growth evident in the North West and Wales.”
Rightmove: “The national market faces a range of challenges, with average asking prices barely changed from last year, and activity levels slightly lower. Some buyers are hesitant due to the long-drawn-out uncertainty of Brexit, and there is also a slight tightening of mortgage availability and stretched buyer affordability, especially when it comes to raising a deposit. There is, however, a marked north/south divide. On average, the number of sales agreed for the year to date in the northern regions is down by 1.7% compared to the same period last year, while success at selling is more elusive in the southern regions, down by an average of 7.1%.”
Nationwide: “Housing market trends are likely to continue to mirror developments in the broader economy. While healthy labour market conditions and low borrowing costs will provide underlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over the coming months.”
Halifax: “The housing market is displaying a reasonable degree of resilience in the face of political and economic uncertainty. Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average. One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale. With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers.”
RICS: "Latest results [from the residential market survey] are consistent with a somewhat stable trend. Although much of the anecdotal commentary remains a little downbeat, contributors reported (in net balance terms) a very modest rise in buyer demand whilst new instructions to sell have also held steady over the month. In line with this, the newly agreed sales measure edged into positive territory for the first time this year. Although forward looking metrics suggest the picture is unlikely to change materially over the coming three months, momentum is a little more upbeat at the twelve-month time horizon.”
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