House prices continue to decline

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Average house prices continue to move in a downward trend after a third consecutive month of lower figures, the latest Your Move England and Wales House Price Index suggests.

The average house price in June was £301,114, down 0.2% on May.

Despite the monthly decrease, the broad trend over the last year remains a modest rise and prices are still 3.8% or £11,037 up on this time last year.

The index reveals the east of England shows strong annual growth with an increase of 6%; whilst Westminster sets a new peak price of £1,865,843 – an annual rise of 19.7%.

Transaction levels in June saw a monthly increase of 10% which is marginally ahead of the increase expected.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Don’t write the market off just yet.

“Mortgage rates are still affordable and the slow down we have seen will already have helped some buyers struggling with affordability.

“In many ways, it feels like we’ve been here before.”

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Written by: Houseladder