Asking prices up as number of properties on market drops 4% on last year

The east of England has been the outlier for house price growth in recent months but it is being overtaken by the east midlands, at least by seller expectations.

Figures from Home.co.uk show the former big three regional drivers of the market – Greater London, the south-east and the east of England – are all slowing down, while the east midlands has pushed ahead.

Asking prices for the east midlands were up 6.5% annually to £222,902, pushing east of England into second place, increasing 6% to £358,786.

Prices in London were up just 0.4% to £539,885 on a yearly basis, while the south-east saw increases of 3.5% to £405,678.

Overall, the average asking price in England and Wales was £306,317, up 3.3% annually and down 0.1% since July.

Properties were found to be selling faster than last year, down by two days to 84 compared with August 2016, while the number of properties on the market fell 4% year-on-year.

Doug Shephard, director of Home.co.uk, said: “While the overall picture is one of stagflation, with the national average price rising slightly slower than inflation, the UK property market shows considerable diversity at the regional level.

“The east and west midlands are in the midst of a post-recovery property boom and supply remains tight in both regions.

“The north-west and Yorkshire are also showing considerable new-found vigour, while the London and south-east markets are suffering a post-boom malaise weighed down by high prices and falling rents.”

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Written by: Houseladder