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Property and Environment

Average property prices dip again amid big regional differences

Its latest figures show that average house prices fell 0.2% on a monthly basis in March to £226,798, leaving annual house inflation up at 1.4%.

The March fall follows that in February, when prices were down 0.6% on a monthly basis.

House price growth was strongest in Yorkshire and The Humber where prices increased by 3.6% in the year to March to £162,129, followed by Northern Ireland, increasing by 3.5% annually to £134,811, and the west midlands where prices were up 3.4% annually to £196,571.

The poorest annual performance was in London, where prices fell by 1.9% annually to £463,283.

Provisional sales volumes for January – based on around 85% of registered transactions for the month – showed transactions in England and Northern Ireland down 1.7% and 6% respectively on an annual basis.

In contrast, transactions were up 10.3% annually in Scotland and grew by 0.6% in Wales.

Commenting on the figures, Nick Leeming, chairman of Jackson Stops, said: “Although it’s disappointing that the latest data from March is showing monthly dips as opposed to a spring bounce, it is positive to see some regions across the country continuing to battle against the background drone of Brexit.”

Source: By MARC SHOFFMAN

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