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.”

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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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

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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...

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Mark N.
Mark N. 30 Aug 2017

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

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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...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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