House prices increasing month on month according to latest index

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According to data from the latest house price index from estate agents Your Move, the average house price increased in October, bringing the first monthly increase since February.

The average price of a home in England and Wales has now increased to £304,433, up 0.4 per cent on the previous month. The data also revealed that the year on year growth fell to just 1 per cent.

Most regions continue to show growth, with the only exceptions being both the South East and North East, which show modest falls on an annual basis of 0.1 per cent and 0.2 per cent respectively.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Whilst price growth has slowed considerably in England and Wales, the fact that there is a relatively strong economic backdrop, and there have been consecutive months of growth, means it’s not all doom and gloom.”

The West Midlands and East Midlands are leading the way with growth of 3.1 per cent and 2.8 per cent. The figure for the West Midland highlighted a new peak of £206,671.

In some cities there was also strong growth with prices in Newport up 7.2 per cent, Cardiff up 4 per cent, Leicester up 3.8 per cent, and Bristol up 3 per cent.

Estimated sales for October 2018 were 6 per cent down on the same month in 2017 but still remain 2 per cent higher than October 2016.

In London the annual price growth slowed significantly in the last month, falling to just 1.8 per cent, but there was still an increase in average prices of £10,889 during the last 12 months, with the average price in London now at £620,571.

The index report suggests overall that with annual price growth well below the rate of inflation of 2.2 per cent, house prices in England and Wales as a whole are seeing real term falls in most regions, meaning they are growing at their slowest rate in six years.

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