New research has revealed that property prices in England and Wales rose by just 0.1% during April.
In addition, data from the report by YourMove shows that prices have increased by only 0.5% in the last three months. Annually however, price growth remained fairly steady- rising to 3.5%.
Transaction levels of 63,500, down 7% on March, remain constant with those levels reached in 2015.
Growth
The West Midlands underlined its position as the fastest growing region in the UK, with price rises of 0.5% month-on-month and 6.2% year-on-year.
In London, growth remains subdued, with a month-on-month decrease in prices of 0.1%. Annually, the capital was the slowest region for price growth outside the North East, with a rise of just 1.4%.
UK House Price Growth Remains Stagnant
Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents observed: ‘Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.’[1]
‘As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home,’ he added.[1]
[1] http://www.propertyreporter.co.uk/property/house-prices-remain-muted-for-second-consecutive-month.html