National Property Market Overview - June

The latest figures from the Land Registry show a 5.1% increase in the average property price across England and Wales between April 2015 and 12 months before. So the national average now stands at £179,817.

This shows a definite, but gradual slow down in price increases, which were nearing 10% nationally last year. London still has quite a premium with 10.9% growth across the whole of the capital in the year to April. The average price of a house in London is now £474,544.

This mirrors the latest data from the Nationwide House Price Index which shows 4.6% change over the year, but is indicating a slowdown in the monthly rate from 1% in April to 0.3% increase in May.

Nationwide’s Chief Economist commented, “The annual pace of house price growth slowed to 4.6% in May. This resumes the gradual downward trend that had been in evidence since the summer of 2014, which was briefly interrupted in April when price growth edged up to 5.2% from 5.1% in March. Annual house price growth is now running at less than half the pace prevailing in mid-2014.

“Over the longer term we would expect house price growth to converge with earnings growth, which has typically been around 4% per annum. However, much will depend on supply side developments - in recent years the rate of building activity has remained well below that required to keep up with population growth.”

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