House prices: biggest risers and fallers revealed

Updated on 18 November 2019 | 38 Comments

House prices have risen in only the South East over the last month, as overall annual growth has slowed, 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 also looks at how prices have changed in each region over the past month and year.

What the house price indices say

Over the last 12 months, UK house prices increased by 0.6% when you combine all the figures from the various indices.

This marks the slowest rate of annual house price growth in nearly six years, with the average UK home is now worth £234,370.

“Looking ahead, buyer and seller confidence is likely to be muted until the outcome of the upcoming election provides greater political and economic certainty,” said HomeOwners Alliance.

Change in house prices over the last month. (Image: HomeOwners Alliance)

House prices by region

Looking at the regional breakdown over the last year (see below, right), which looks solely at official Land Registry figures rather than all the property indices, the North West showed the strongest growth at 2.8%.

Wales and Yorkshire & Humber also enjoyed strong house price growth over the same period at 2.6% and 2.2%, respectively.

The East of England and London were the only regions to record a fall in prices over the last year, with London experiencing the biggest drop as house prices fell 0.4%.

Planning to buy or move home? Search for a cheaper mortgage today.

Changes in regional house prices over the last month and year. (Image: HomeOwners Alliance)

Monthly house price change

When we look at price moves over the last month, which admittedly is a far less reliable metric than annual as it is most susceptible to freak fluctuations, the situation doesn’t look great.

Only the South East reported any house price growth (1%), while the South West and North East both flatlined.

All other regions – Wales, East Midlands, West Midlands, East of England, North West, Yorkshire & Humber, and London ­– saw house prices dip in September/October.  

What the indices say

Rightmove: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.

"Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell.

"Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives.”

Nationwide: “Annual house price growth remained below 1% for the 11th month in a row in October, at 0.4%.

"Average prices rose by around £800 over the last 12 months, a significant slowing compared with recent years – for example, in the same period to October 2016, prices increased by £9,100.

"Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty.

"To date, the slowdown has centred on business investment, while household spending has been more resilient. Solid labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.

"The question is whether this pattern will continue.”

Halifax: “Average house prices continued to slow in October.

"It extends the largely flat trend which has taken hold over recent months. A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.

"We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty.”

RICS: "The October 2019 RICS Residential Market Survey continues to depict a relatively subdued sales market backdrop, evidenced by negative readings for indicators covering new buyer enquiries, agreed sales and new instructions.

"That being said, near term expectations for sales activity did improve to a certain degree, and a broadly stable trend is now anticipated to emerge across most parts of the country over the next three months.”

HomeOwners Alliance: “This month sees annual house price growth slow further still ­– to its lowest point in almost 6 years.

"With the looming October Brexit deadline, house prices stalled in nine out of 10 regions in England and Wales.

"New sellers and buyers have been put off by the current climate but those already underway with their home moving plans seem keen to press on; resulting in a comparable number of agreed sales to a year ago.

"Looking ahead, buyer and seller confidence is likely to be muted until the outcome of the upcoming election provides greater political and economic certainty.”

Looking to buy or move home? Search for a cheaper mortgage today.



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