English regions beyond London still reporting strong annual growth rates despite Brexit "fearmongering"
Houses prices edged up by a modest 0.2% in March across England and Wales as a result of Spring optimism, the latest Asking Price Index reveals.
But despite this, the average price of a home remains some 0.3% lower than the same period in 2018, according to Home.co.uk’s data.
Apart from the East of England, where prices fell in the month by 0.1%, and London, where growth stalled to 0%, every English region recorded positive property asking price inflation.
Yorkshire & the Humber saw the largest increased in price growth in March at 0.7%, followed closely by the South West at 0.6%, and the North East at 0.5%.
On an annual basis, asking prices were up by 4.9% in the West Midlands – the highest in England – with both the North West and Yorkshire & the Humber also seeing strong growth of 3.4%.
By comparison, London’s year-on-year price decline moderated to 3.2%, although Home.co.uk noted that the capital has seen asking prices fall by a total of 6.9% since May 2016, whilst the East of England also struggled with a 2.6% annual fall in prices.
Home.co.uk’s Index notes: “Whilst borrowing costs remain low and stable, buyer demand is likely to remain relatively stable. Hence, it is arguable that supply is perhaps the most important price driver in our current economic environment. Too much and prices slide, but too little and prices soar.
“Overall, neither Brexit anxiety nor the landlord exodus has precipitated the level of oversupply required to cause a property crash.”
It continues: “In fact, the long view shows the market to be relatively stable in terms of supply, despite all the fearmongering over Brexit and fiscal and regulatory attacks on private landlords.”
However, recent Government figures confirmed that the number of long-term empty properties in England has grown again for the second consecutive year to more than 216,000 vacant homes.