Wales clocks highest annual house price growth: Your Move

Analysis by Your Move shows that within England and Wales, the latter country posted the highest house price gains in the 12 months to February, at 3 per cent.

Overall, house prices in England and Wales dropped 0.5 per cent annually, however, leaving the average house price at £302,435.

In England, the West Midlands, at 1.7 per cent, was the fastest-growing region.

The South East had the lowest yearly growth rate, falling 1.7 per cent, closely followed by Greater London, which dropped 1.5 per cent.

When looked at on a monthly basis, house prices in England and Wales rose 0.5 per cent on average.

The biggest rise month-on-month was seen in Greater London, which rose 0.6 per cent, followed by the West Midlands, increasing 0.2 per cent.

Meanwhile, the East of England saw the largest average fall month-on-month at 0.4 per cent, with the East Midlands recording the second greatest decline at 0.3 per cent.

Within London, properties in Kensington and Chelsea have seen the biggest fall in average prices in the year year to February 2019, with 35.4 per cent sliced off their asking price. This is followed by properties in the City of Westminster, at 24 per cent.

Your Move and Reeds Rains estate agents managing director Oliver Blake comments: “While a challenging market, it is a mixed picture, with some regions still experiencing price rises.

“Given the challenges of affordability from a decade of rising prices and sluggish wage growth, a short slowdown in prices combined with increases in pay could be a positive outcome for the market in the long term. The market still requires actions to ensure an adequate supply of housing.

“As ever, the overall average hides a myriad of different stories. Crucially, there is a distinct north-south divide.

“As of last month, [this divide] largely persists in the regions of England and Wales, with annual falls concentrated in the south eastern corner of the country.”

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