Property price values in England and Wales have continued to slide, falling for the third consecutive month in June, according to the most recent data from Your Move and Reeds Rains.
The Index suggests that there was a 0.2% decline in house prices during the last month, bringing the average down to £301,114. Despite being up by 3.8% year-on-year, they are now £2,358 lower than in March.
There are many regional variations contained within the Index, with a North-South divide prominent. In particular, the East of England is seeing strong annual growth. Prices are up here by 6% year-on-year, but month-on-month growth was just 0.3%, bringing the average up to £324,754.
Values rose by 0.1% month-on-month in Yorkshire and the Humber, the South West and West Midlands to hit £183,712, £277,633 and £212,796 respectively. Year-on-year, prices here rose by 2.6%, 5.4% and 4.9%.
In the North East and North West however, prices were flat both month-on-month, but rose by 1.4% and 3.8% respectively year-on-year. This pushed prices up to £155,902 and £184,874.
Greater London saw prices fall by 0.5% but are still 3.4% higher than one-year ago, at an average of £613,650. In Wales, prices were down 1.1% month-on-month and only 2% greater than one year ago at £172,863.
Data from the report indicates that while the fall in prices has occurred in line with the period since the General Election was called, this is not the only reason why.
Indeed, the Election result has contributed to the slowdown, but is not the sole cause.
Oliver Blake, Managing Director of Your Move and Reeds Rains, said: ‘Don’t write the market off just yet. We’ve seen three months of falls, but it’s far too early to panic. Mortgage rates are still affordable and the slowdown we have seen will already have helped some buyers struggling with affordability.’
‘We’re still seeing strong growth in the East and in prime London. We’re also seeing a return to the North-South divide in terms of price growth. In many ways, it feels like we’ve been here before,’ he added.