House prices edged ahead by 0.2 per cent during September as the market continued to recover more quickly in southern regions than northern ones, research showed today.
The average home in England and Wales is now worth £156,100, only 5.6 per cent less than a year ago, according to property intelligence group Hometrack.
But the group said the price rises seen during the past two months were concentrated in only a small part of the market.
Just 15 per cent of postcode areas saw an increase during September, while prices remained unchanged in 84 per cent of areas.
Richard Donnell, Hometrack’s director of research, said: “Continuing a trend of recent months, the headline growth masks what is essentially a London and South East story where house prices continue to be propped up by a shortage of quality homes for sale.
“Outside southern England the lack of supply is less pronounced and it is a modest pick up in sales and improved market sentiment that is supporting prices to the point where they have been trading sideways.”
House prices in London and the South East rose by 0.4 per cent and 0.3 per cent respectively during September, while they edged ahead by 0.1 per cent in the South West and West Midlands, but in all other regions prices remained unchanged.
The number of sales agreed across England and Wales rose by 2.5 per cent during the month, but there was only a 0.1 per cent rise in the number of people putting their homes up for sale.
Economists have attributed the recent stabilisation in the property market to the shortage of property on the market, which is providing some support to homes’ asking prices.
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9 Comments
thank god for that
clearly i was wrong maggie is evil and gordon brown is a genius after all
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get in there
lets start borrowing and spending again!
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good news
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some one has hikacked my good name, i would never say that, brown is a clown any green shoots are temporary, the economy is ruined because of labour, vote blue, go green, god save the Queen
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I must once again apologise for my lads confused comments.
But he’s been a naughty boy and has been hiding his tablets again.
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hahaha
despite all the party points what this shows in my opinion is that the market IS self correcting, the invisble hand has halted the slide, labour cant claim credit for this one, its just happened, limited supply mean price rises, so its natural for it to bottom out like this
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it feels to me like the economy is on the up again, because the bars and busier in town on sat pm and i know folk going on their hols again
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good news
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i think it shows Q Easising is working too, a success for the Bank of England, which was mad independant to do things like this by the oft criticised gordon brown…
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