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House prices in England and Wales edge up in November

The average residential property price in England and Wales edged up by 0.1% in November, according to the latest the LSL/Acadata house price index.

The month-on-month growth in prices was fuelled primarily by strong gains in areas where house prices are typically cheaper, taking the average price of a home to £295,276.

With property prices in the wealthiest areas currently falling at their fastest pace since the financial crisis, it is perhaps unsurprising to find that London recorded the lowest rate of annual house price growth in the country.

The slowdown in the capital is largely as a result of the sharp fall in prices and transactions in prime central London property, led by Westminster where prices dropped by 3.5% month-on-month.

On an annual basis, property prices in Hammersmith and Fulham were down 13.2%, in Westminster they fell by 12.1% and in Camden they dropped by 10.4%.

According to the index, the five highest priced boroughs in London have seen average prices fall by £112,950 over the past 12 months.

But while London’s housing market continues to struggle at the top-end, strong growth continues to be recorded in ‘value’ areas.

In Bexley prices rose 14.6%, in Barking and Dagenham they were up 14.4% and in Havering up 13.4%.

Elsewhere, the East of England remains the best performing region, with average home prices up 6.6% year-on-year, fuelled by strong growth in places such as Thurrock, Luton and Southend-on-Sea, where prices are up 16.2%, 13.7% and 10.6% respectively.

“For all the talk of Brexit uncertainty, the main factor driving up prices in the housing market is still supply and demand,” said Adrian Gill, director of Your Move and Reeds Rains estate agents. 

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