Figures released by HM Land Registry reveal that the annual house price growth rate in England slowed in January this year, continuing a trend that began mid-2016.
However, there is some good news for the midlands and north of England where the slowdown has been less pronounced and the housing markets are showing greater resilience than in the south of the country.
The January data shows that on average house prices have fallen by 1% since December 2018, leading to a very modest annual price increase of 1.5% for 2018.
It’s interesting to look at the average price by property type, which shows that in England flats or maisonettes have reduced in value by 0.6%, while detached properties remain the best investment with an average price increase of 2.9% between January 2018 and January 2019. Semi-detached houses don’t fare too badly either with a 1.4% increase in average values last year.
December and January can be slightly quieter times of the year when it comes to buying and selling property. It is not unusual for activity to increase as spring approaches, people’s personal finances recover after Christmas and thoughts turn to home improvement projects.
The uncertainty around Brexit might have deterred some people from taking the plunge and putting their home on the market, but on the whole the local property market seems to be holding up with people carrying on regardless.
If you’re thinking of putting your house on the market or if you’re already in the process of buying or selling property, get in touch for honest advice and a no-obligation quote.