House prices build but yearly growth slows

Recent data shows that February saw a 0.5% rise in house prices.

According to the Your Move House Price Index, last month saw the North West, East Midlands, South West and Wales hit peak prices during the month on average.

However, annual price growth continued to decline, slipping from 0.7% to 0.6%,

In England and Wales, the average value of a home now currently stands at £299,556, having grown by £1,512 month on month.

Commenting on the data was Oliver Blake. The managing director of Your Move and Reeds Rains estate agents said: “When examining the bigger picture, house prices are steadily balancing to meet the needs of house buyers which is welcome news for those looking to take their first steps onto the property ladder.

“However, housing supply in the UK isn’t meeting demand and there is still a bottleneck of available properties. The industry needs to work together to provide a long-term solution to increase movement within the market.

“By building more homes and introducing more initiatives for each stage of the property lifecycle we should start to see more choice for first-time buyers, second steppers and last-time buyers.”

 

Today's Conveyancer