House transactions at lowest level since 1995, e.surv finds

House transactions in England and Wales are at the lowest level recorded since 1995, e.surv has found.

In its latest house price index, e.surv revealed that the number of house sales reached 20,332 in January, which is the lowest recorded level since records began almost 30 years ago.

This has been put down to the backlog of properties that the Land Registry has to process, with further sales expected to be recorded at a later date.

In April, the average house price in England and Wales hit £291,154, a decline of 2.9% year-on-year.

The results in April were the eleventh consecutive drop in house prices, with annual house prices not increasing since May 2023. However, on a monthly basis, there was no change in the average house price across the country.

Director at e.surv, Richard Sexton, said: "Our index points to a fragile recovery this month. The average sale price of completed home transactions using cash and/or mortgages in England and Wales rose by a meagre £127 to £359,154.

"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."

Across England and Wales, all regions recorded a decline in annual house prices, with the North West performing the best, boasting a 0.1% drop in house prices, with the average price currently at £249,941.

The South East and the East of England were the worst annual performing regions, with prices dropping by 6.6% and 5.8%, respectively. In these regions, the average house prices sat at £365,523 and £388,048. respectively.

House prices in Greater London dropped by 4.2% annually, with the average house price reaching £674,034.

Sexton added: "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.

"So, while increased competition from lenders has meant that the availability of mortgage finance has been good, going forward, we expect the dual effect of economic and political uncertainty to weigh on buyer sentiment over the coming months which may, in turn, weigh on price growth."

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