Housing transactions pause for summer holidays

• Prices slow but all regions in England and Wales still record annual growth
• East of England still leads, with 5.1% annual price growth
• Wales sees the biggest increase in housing transactions in Q2, despite low price rises
• London borough of Lewisham records new peak price, up 2.4% in July

The housing market paused for breath in July, dipping just 0.2%, reducing the annual rate of house price inflation to 2.9% – the lowest since July 2013.

On an annual basis, the average house price in England and Wales rose by £8,433. Monthly, prices reached £298,906 across England and Wales.

Housing transactions slowed, dropping an estimated 9% in July from the previous month. Both prices and transaction data show a marked pause in summer housing market.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “Annual prices are still rising positively and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months. “Whilst, as a business, we often see this at this time of year, the cause of the dip may also be down to the buy-to-let slowdown as a result of tax changes.”

Although there has been a slight slowdown in monthly transactions, yearly activity shows regions such as London and East of England are continuing to grow strongly.

Click here to read the House Price Index – July 2017 (England and Wales)

Data source: LSL Property Services