Property prices have been in the news every week since the Brexit vote, with property experts either predicting catastrophic falls in the property prices, or predicting substantial property price rises. All of these extreme predictions should be taken with a pinch of salt, and in fact, property prices since the Brexit vote have fluctuated up or down on a monthly basis.
The latest property index for England and Wales shows that property prices fell by 0.2% in July, stunting the annual house price growth to 2.9%, which is the lowest figure since July 2013. However, as always, the figures show regional differences. For example, the East of England recorded annual growth of 5.1%, the London borough of Lewisham recorded a new peak price increase of 2.4%, while Wales recorded the largest increase in sales.
In addition to sales figures, the index showed that the average property price across England and Wales stood at £298,906 in July, while property sales fell by 9%, although some areas such as Wales, London, and the East of England actually recorded strong sales growth. Furthermore, every region in Wales and England recorded annual property price growth, powered by the growing demand for affordable properties.
While every region recorded annual property growth, they all slowed in June. Wales’ annual property growth fell by 1.5% to just 0.2%. The West Midlands saw its growth fall by 1.3% to 3.3%, while Yorkshire and Humber fell 1.2% to 1.5%, and the South East’s annual growth was down 1.2% to 3.5%.
The South West recorded a property price increase of 4.2% annually, the East Midlands saw property growth increase by 4.1%, while the East of England recorded the largest annual house price inflation of 5.1%.
Closer to home, Pembrokeshire saw an increase of 10.8%, while Blaenau Gwent recorded property growth of 10.7%. Wales also saw its property transactions increase significantly in June; Torfaen saw property transactions rise by 28%, Caerphilly increased by 26%, the Isle of Anglesey increased by 26%, Ceredigion was up 22%, and Wrexham saw transactions rise by 19%.
A spokesman for the Your Move index said that annual property prices are still rising positively, and regions across the country are continuing to perform strongly, even though transactions have cooled over the summer months. He added that while a cooldown in transactions is often common throughout the summer months, the decline could also be as a result of a buy-to-let slowdown due to the government’s recent tax changes.
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