E.SURV’s latest HPI data shows that homes in England and Wales sell for an average of 2.5%, which hit £357,300 in February. Despite the annual decline, the monthly growth rate is 0.7%.
This marks the second straight month of price growth, supported by a series of household transfers before the stamp duty changes, but also through the underlying momentum driven by higher household finances and lower mortgage rates.
In February, every region in the UK sees a month of menstruation growth, but there is still a regional gap when comparing year-on-year data. Wales, the Central and the North have performed poorly, while southern England, especially London and the Southeast, continue to struggle. The average price of London homes fell 6.7% year-on-year, creating a significant obstacle to national data.
Rob Owens, head of research at E.SURV, commented: “Along with HPI data, transaction and mortgage approvals have increased, all of which indicate strong demand. Even with the upcoming stamp duty changes, expectations for a further reduction in this year could maintain this momentum.
“Despite these gains, there are ways to keep prices below 2.5% from that time last year.”
