The latest UK house price index from e.surv suggests house prices have fallen over the past year - this is in stark contrast to most mainstream indices showing small gains.
E.surv says average prices have dropped 2.9% in the period from April 2023 to April 2024. However, price falls are reducing in scale and one region - the North West - is getting close to positive growth.
But the South East has biggest fall in annual rates at -6.6% while across the country transactions are at lowest levels since 1995.
The average house price in England and Wales is now £359,154, down 2.9% annually.
Richard Sexton, director at e.surv, comments: “Our index points to a fragile recovery this month. The average sale price of completed home transactions using cash and/or mortgages in England and Wales rose by a meagre £127 to £359,154.
“This means that the average sale price in April is £18,920 lower, or 5%, below the peak reached in October 2022, but crucially some £43,750 - or 13.9% - higher than at the start of the pandemic in March 2020, over 4 years ago.
“The expectation that any Bank of England base rate cut is imminent is becoming an increasingly distant prospect. This pushed mortgage rates higher in April and has undoubtedly given some buyers’ pause for thought.
“So while increased competition from lenders has meant that the availability of mortgage finance has been good, going forward, we expect the dual effect of economic and political uncertainty (in advance of the general election later in the year) to weigh on buyer sentiment over the coming months which may, in turn, weigh on price growth.”
Average House Prices in England and Wales for the period April 2023 – April 2024
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