2017 sees first annual house price fall in 5 years
2017 saw an annual house price drop of 0.4% across England and Wales.
This is according to data from Your Move, which also indicated that this was the first decline on a yearly basis since March 2012.
Whilst the fall in prices had been sustained within London (4.3%), the annual fall was also pushed by the more recent decline in the North and South East. This is indicated by the regional figures, with prices seeing a rise of 2.3% when excluding London and the South East.
Looking beyond the capital, just under 75% of unitary authorities throughout England and Wales were observing uplifts in price growth on a 12-month basis.
Where transactions were concerned, the final quarter of the year saw sales grow by 4% compared to the corresponding period in 2016. Though there were rises in sales of semi-detached (5%), detached and terraced (4%) properties, flat sales saw a drop of 1%.
Commenting on the figures was Oliver Blake. The Managing Director of Your Move and Reeds Rains estate agents highlighted the significance of the fall as well as the more recent uplift in monthly activity.
“The slowdown in London can now also be seen in the South East and North East. Time will tell if the rest of England and Wales remains resilient, but the increase in January will be seen by many as positive news and an indication of continued demand.
“And, with the focus on supporting those entering the property market – including the abolishment of stamp duty for first time buyers – we may see more movement in the market which should bring benefits for all.”