Regions begin to see annual drop in house price growth: Your Move

Both the South East and North East saw modest falls on an annual basis and Your Move says house prices in England and Wales are now seeing real term falls in most regions.

All regions saw annual house price growth reduce in the last month, with the slowdown most pronounced in the North East, dropping by 1.7% to -0.2%, and in London and Wales, with growth slowing from 3.0% to 1.8% in both cases.

The data shows that prices are now growing at their slowest rate in over six years, since April 2012.

However the West Midlands and East Midlands are bucking the trend with growth of 3.1% and 2.8% respectively.

Additionally, house prices rebounded in October, up 0.4% – the first increase since February.

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