Annual house price growth slows to 3.6% across England and Wales

Annual house price growth across homes in England and Wales has now slowed to 3.6%, according to the latest e.surv Acadata House Price Index.

This is the fourth consecutive month to register a fall since the e.surv index reported a peak of 9.3% in May.

Despite this slowdown in annual growth, e.surv revaled that English and Welsh homes climbed by 1.2% on a monthly basis, to sit at £328,610. This is slightly down on May’s peak average price of £331,529.

Wales is the region with the highest annual rate of price growth at 11.2%.

e.surv director, Richard Sexton, said that while house price growth is in retreat in headline terms, there is little evidence of prices stagnating or falling, and added that there are substantial pockets of resistance around the country to overall falls in house price growth.

He commented: “Our data shows that while some regions like the North East of England suffered their largest fall in the annual rate of growth – down by 6.3% – over the month, other areas like Wales fared much better. Indeed, Wales comfortably out-performed the rest of the country – having the smallest fall in price growth from 12.2% down to 11.2%.

“The Land Transaction Tax holiday came to an end at the end of June – but the tax savings available in Wales were not as large as in England – £2,450 in Wales vs £15,000 in England. This is we think a key reason potentially why the fall in prices in Wales has not been as significant as in England over the past few months. Wales therefore stands out as having the highest annual rate of price growth at 11.2%.”

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