England and Wales property prices continue upward growth for the ninth month
There appears to be no stopping the continued upward growth of property prices in England and Wales as yet another month, the ninth successive one, has seen growth taking the average price in the two countries to £284,742. The figures are showing that year on year prices have grown by 4.2%, this is an increase of £11,500 in the last year.
As anticipated the London housing market recovered with its biggest monthly increase since June 2014 bringing to an end a period of decline, the South East saw the strongest year on year rise of any region. The London boroughs are the reason behind the halt to stagnation in the capital setting new highs in August, with Barking and Dagenham, at the very bottom of the price rankings, which recorded the fastest year on year increase in property values at 15.7%.
Understandably the growth is underpinned by demand, particularly at the bottom end of the property ladder, with the most frequently paid price being £125,000, mirroring the level at which stamp duty becomes payable. This is as a result of the measures put in place to stimulate the first time buyer market.
The fastest growth is seen in the lower end and mid-market range of properties which are priced between£180,000 and £360,000, while the shift in stamp duty bands continues to hamper growth at the higher end with prices above £600,000 being virtually stationary.
As we have come to expect, the north/south divide remains and it is the more affordable northern properties which have experienced the fastest growth in sales, whilst the ongoing shortage of property stock on the market in the south is slowing activity. For the three months of June, July and August, the North and North West of England saw the biggest year on year increase in property sales, while East Anglia, London and the South East saw the most significant annual falls.