House price falls slowing in England and Wales – e.surv

House price falls slowing in England and Wales – e.surv

0:04 AM, 14th May 2024, About 2 months ago

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House prices in England and Wales are continuing to fall, but the rate of decline is slowing, according to the latest e.surv house price index.

The average sale price of completed home transactions using cash and/or mortgages in England and Wales rose by a small amount (£127) to £359,154 in April.

This is still 2.9% lower than a year ago.

However, the falls are smaller than those seen earlier in the year.

Index points to a fragile recovery

A director at the firm, Richard Sexton, said the £127 price rise was ‘meagre’ and added: “Our index points to a fragile recovery this month.

“This means that the average sale price in April is £18,920 lower, or 5%, below the peak reached in October 2022, but crucially some £43,750 – or 13.9% – higher than at the start of the pandemic in March 2020, over four years ago.

“The expectation that any Bank of England base rate cut is imminent is becoming an increasingly distant prospect.

“This pushed mortgage rates higher in April and has undoubtedly given some buyers pause for thought.”

He says that buyer sentiment in the coming months – faced with an election – may affect house price growth.

Region with the lowest house price falls

The region with the lowest house price falls, for the second month running, is the North West, at -0.1%.

In second place is the North East, at -0.8%.

Houses in Greater London had the largest fall in annual prices to -4.2%.

Also, property transactions are at the lowest levels seen since 1995.

A separate house price index for Scotland from e.surv reveals that prices there rose by 0.4% in April.

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