Home Property House prices remain at record highs despite slowing momentum

House prices remain at record highs despite slowing momentum

by LLP Finance Reporter
10th Nov 20 5:00 pm

Average house prices in England and Wales increased by 0.9% in October, the lowest monthly increase since prices began to rise in June this year, but still hitting a new record high, according to the latest e.surv house price index.

Prices rose by 4.4% on an annual basis, with the average house price in England and Wales now sits at £314,643.

Greater London was the region with the highest monthly growth, at 2.5%, with Bristol recording the highest annual growth of 8.3%, having been in third position at 7.5%
in August.

Merseyside saw the second highest annual growth (8.2%) followed by Greater London (7.3%).

Richard Sexton, director at e.surv said, “House prices continued to rise month-on-month through October, however the momentum has slowed significantly. Between September and October, average house prices increased by 0.9%, the slightest monthly increase since prices began to rise in June this year.

“Despite the slowed growth, average property values still stand at 4.4% higher than this time last year. This increase is still thought to be largely buoyed by the purchase of the bigger, and often more expensive, homes – activity which has been encouraged further by the stamp duty holiday in England.

“The resilience of the housing market through the crisis has been astounding, as shown by the continual rise of prices since June. The first national lockdown, which left many in England and Wales almost totally confined to their current homes, certainly seems to have re-focused the minds of a lot of consumers onto the property market.

“At e.surv, our present focus is centred on providing an effective and safe service within England’s lockdown regulations, as well as supporting the market in Wales as it exits the fire break. We will continue to act with the utmost consideration for the safety and wellbeing of our customers, colleagues and the wider public as we continue to navigate the pandemic.”

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