House prices hit another record high but there are ‘tell-tale signs’ the market is slowing

Meanwhile, Scotland saw a 9.5 percent year-on-year rise in house prices.

While the South West has seen the strongest growth, overall, southern England saw weaker growth than northern England.

The North West was the strongest performing region in Northern England with prices rising by up to 13.3 percent annually compared to 12.4 percent in the first quarter.

London has remained the weakest performing UK region, with annual price growth slowing to six percent, from 7.4 percent in the previous quarter.

Mr Gardner added: “Looking at house price growth since the onset of the pandemic, we see a similar pattern, with London also the weakest performing region.

“Since 2020 Q1, average house prices in the capital have increased by 14.9 percent, whilst all other regions, except the Outer Metropolitan, have seen at least a 20 percent uplift.

“The South West was also the strongest region over this period, with a 27.7 percent increase, after taking account of seasonal effects, followed by Wales, where average prices rose 26.2 percent. Meanwhile in the North West, prices were up 25.8 percent.

“These trends may reflect a shift in housing preferences; our housing market surveys have pointed to the majority of people looking to move to less urban areas.

Leave a Reply

Your email address will not be published.