Property price in England and Wales down 0.2%

lonnProperty prices in England and Wales fell by 0.2% in July. According to the Your Move, the average price is now £298,906 and sales fell by 9% in July although yearly activity shows regions such as London and the East of England are continuing to grow strongly. Every region across England and Wales recorded annual growth as demand for affordable property continues to rise. Traditionally lower priced boroughs of London and cities outside the commuter belt are beginning to see increased activity and transactions from first time buyers. Also, every region in the UK still shows annual growth, however they all slowed in June. . The biggest drops in annual growth were in Wales, down 1.5% to just 0.2% for the year, the West Midlands was down 1.3% to 3.3%, Yorkshire and Humber down 1.2% to 1.5% while in the South East annual growth was also down 1.2% to 3.5%.

Greater London, with 2.4% annual growth remains an exception. The East of England continues to perform strongly, with all its unitary authority areas showing solid annual growth, led by Southend-on-Sea, up 10.2%, and Luton and Bedfordshire both up 8%. Annual prices are still rising positively and regions continue to perform strongly, despite the slowdown in transaction numbers over the summer months. Whilst, as a business, we often see this at this time of year, the cause of the dip may also be down to the buy to let slowdown as a result of tax changes.

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