House prices slip for third consecutive month

House prices slip for third consecutive month

The latest report from Your Move has revealed that house prices slipped again in June, falling for the third consecutive month with average values now down £2,358 in the last quarter.

According to Your Move, more than half the unitary authority areas in England in Wales – 60 out of 108 – reported prices falling over the month. The average price in June was £301,114, down 0.2% on May.

Despite this, prices are still up by 3.8% or £11,037 up on this time last year, however the Index shows that a North-South divide seems to have re-emerged. Annual growth in the Midlands and South, excluding London, is above average, and the North and Wales are seeing below average growth.


The East of England, particularly, continues to show strong annual growth, regaining its top spot among the regions. In London, Westminster sets a new peak price, up 19.7% annually to reach £1,865,843.

Your Move says that instead of causing the slip in house prices, the election and its result have merely exacerbated a slow-down in price growth that can be seen since the beginning of the year.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “Don’t write the market off just yet. We’ve seen three months of falls, but it’s far too early to panic. Mortgage rates are still affordable and the slow down we have seen will already have helped some buyers struggling with affordability.

We’re still seeing strong growth in the East and in prime London. We’re also seeing a return to the North-South divide in terms of price growth. In many ways, it feels like we’ve been here before.”

Join our mailing list:

Leave a comment



Latest Comments

Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

view article
richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

view article
Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article

Related stories

More articles from Property