The most recent e.surv home value index for July reveals annual home value progress at it’s lowest since March 2012.
The report discovered common UK home costs stood at £370,610 in July, down 0.1% on the earlier month and up 0.3% on the identical month final 12 months.
The examine, carried out by Acadata for e.surv, discovered the North East was the area with the best annual progress, up 3.4% on July 2022.
The South West had probably the most subdued home value progress of the areas yearly, up 0.4%.
E.surv director Richard Sexton says: “Most areas in England proceed to register optimistic value motion, although this has fallen beneath 1.0% nationally.
“There are some outliers with Hartlepool in North East registering double-digit value
progress within the 12 months. As well as, Higher London has moved from the underside to greater ranks within the value progress league desk.
“This disparity highlights the regional variations and complexities throughout the
“The latest decline in property costs in Wales could be attributed to a confluence of things. The introduction of council tax premiums for second properties and vacant properties has created a brand new layer of complexity to the market.
“This coverage shift has potential repercussions for each property costs and purchaser behaviour, resulting in a dampening impact on demand.
“Transactions for the primary half of 2023 are at their lowest stage for the reason that monetary disaster of 2007-09, reflecting the market’s responsiveness to financial adjustments, significantly rising mortgage charges.”
Nevertheless, Sexton says optimistic indicators have emerged as inflation reveals indicators of easing and swap charges have stabilised.
Yesterday, Royal Institute of Chartered Surveyors’ figures confirmed the largest monthly fall in UK house prices since 2009.