House prices fall for third consecutive month

Annual house price growth now stands at just 1%, down from 9% at its height in February 2016, however the decline is slowing, with many of the regions and cities outside London proving resilient.

Excluding London and the South East, prices in England and Wales remain 3% up on the same time last year, and only London is currently recording an annual fall in prices.

However whether the same is true for transactions remains to be seen: estimated sales of 50,000 in April were down by a quarter on March –significantly greater than the usual 5% seasonal decline.

Your Move believes this is likely due to the “Beast from the East” at the end of February hitting house-hunting activity that would now be reaching fruition. However, muted activity is also underpinned by a real shortage of properties being put up for sale.

Oliver Blake, managing director of Your Move and Reeds Rains, said: “London remains the exception, rather than the rule, when it comes to the strength of the market in the major cities of England and Wales, which remain strong. The market remains slow, though, when it comes to the number of transactions.”