England continued to witness growth in house prices between September and November 2017 after several months of slowdown earlier this year.
Data released by LSL/Acadata index showed that the average price of a house in England and Wales in November was £300,859 with a monthly change of 0.3 per cent. Annually, the growth in houses prices in England was almost 1 per cent.
The transactions are up 4 per cent year-on-year in the third quarter and rally by a quarter in prime central London market. These findings come as a relief for investors in the housing market.
There are some encouraging signs, firstly, the monthly changes finally seem to be on an upward trend. Secondly, the London market appears to be easing. Finally, buyers in the coming months will benefit from the key budget announcements of an exemption from stamp duty for first-time buyers on homes up £300,000 and more money for the Help to Buy scheme, LSL/Acadata said in its House Price Index for November 2017.
Momentum is returning to sales in the prime central London market. From August to October 2017, the top three boroughs by price – the City of Westminster, Camden and Kensington and Chelsea – also saw the biggest increases in transactions, up 28 per cent for the first two, and 23 per cent for the last.
Private housing completions in the UK and net additions (new supply plus conversions and changes of use and minus demolitions) will continue to rise in 2018 and 2019 – reaching 254,461 net additions in the latter year.