Average house prices increased by 3.6% across England and Wales in the year to September 2021, according to e.surv Chartered Surveyors’ House Price Index.
On a monthly basis, average property prices rose by 1.2% between August and September 2021.
Overall, e.surv found that the average price of a house in England and Wales was £328,610 at the end of September.
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The data also shows that while some regions like the North East suffered their largest fall in the annual rate of growth (down by 6.3%) over the month, other areas like Wales fared much better.
Wales comfortably out-performed the rest of the country – having the smallest fall in price growth from 12.2% down to 11.2%.
Richard Sexton, director at e.surv, said: “House price growth is clearly in retreat in headline terms but there is little evidence of prices stagnating or falling. Indeed, regionally, there are substantial pockets of resistance to overall falls in house price growth.
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“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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“In terms of property types, it’s worth noting too that, while the pandemic drove a race for space the price of flats in September staged a small recovery with the largest gains in flat prices being seen in prime central London and in Hammersmith and Fulham.
“On September’s data, there is little evidence that home buyers are being spooked by the end of the furlough scheme. Data from government points to a resilient job market that will further underpin buyer and lender confidence.”
By Jake Carter
Source: Mortgage Introducer