The latest e.surv house price index for July shows annual house price growth at it’s lowest since March 2012.
The report found average UK house prices stood at £370,610 in July, down 0.1% on the previous month and up 0.3% on the same month last year.
The study, carried out by Acadata for e.surv, found the North East was the region with the highest annual growth, up 3.4% on July 2022.
The South West had the most subdued house price growth of the regions annually, up 0.4%.
E.surv director Richard Sexton says: “Most regions in England continue to register positive price movement, though this has fallen below 1.0% nationally.
“There are some outliers with Hartlepool in North East registering double-digit price
growth in the year. In addition, Greater London has moved from the bottom to higher ranks in the price growth league table.
“This disparity highlights the regional variations and complexities within the
housing market.
“The recent decline in property prices in Wales can be attributed to a confluence of factors. The introduction of council tax premiums for second homes and vacant properties has created a new layer of complexity to the market.
“This policy shift has potential repercussions for both property prices and buyer behaviour, leading to a dampening effect on demand.
“Transactions for the first half of 2023 are at their lowest level since the financial crisis of 2007-09, reflecting the market’s responsiveness to economic changes, particularly rising mortgage rates.”
However, Sexton says positive signs have emerged as inflation shows signs of easing and swap rates have stabilised.
Yesterday, Royal Institute of Chartered Surveyors’ figures showed the largest monthly fall in UK house prices since 2009.
