Latest LSL Your move/Reeds Rain index
- January 12, 2016
- No comments
The latest index from LSL Your Move/Reeds Rain, shows the annual rate of house price inflation across England and Wales running at 5.2%.
The price restoration has been motivated by the Greater London area where the prices have increased averagely by £24,636 in the last year.
But, agencies report that sales of homes worth over £1.5m are down no less than 35% year-on-year and they blame stamp duty for this.
According to Adrian Gill, director of Your Move and Reeds Rain “This has been the best October for house sales for eight years, with 88,000 sales taking place during the month, up 9% since September. Regionally, the pattern of the sales is the reverse of what we’re seeing in house prices, with activity increasing fastest in the North, Yorkshire and Humber and North West, but falling in the southern half of the country”.
He continues “Supply of properties on the market seems to be the sticking point for sales growth, and activity in the northern most regions of England is also being facilitated by more affordable prices. With low interest rates now likely to be prolonged into 2017, there should be plenty of momentum to encourage further activity. But so far in 2015, total sales are still 4% down on last year, due to a slower first six months”.