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Regional Markets Hitting New Price Records Despite Brexit

Property prices across England, Scotland & Wales increased by nearly £3,000 in May

UK property prices grew by 0.1% in the 12 months to May

Month-on-month house price growth has remained positive for a fifth consecutive month, the latest index by Rightmove reveals.

Between April and May, the average price of a property across England, Scotland & Wales increased by 0.9% (+£2,841), matching May 2018’s growth of 0.8% and broadly in line with the 1.0% average over the last two years.

On an annual basis, prices are just 0.1% higher than the same period last year, lifting from the 0.1% year-on-year decline in April.

Despite the general slowdown in prices, four regions – Wales, the East and West Midlands, and the North West – have reached new record-highs for prices of newly-marketed homes.

Prices in Wales jumped 2.1% between April and May, and are up 4.1% compared with last year, whilst the East and West Midlands report similarly high year-on-year growth of 2.5% and 3.0% respectively.

In the North West, prices increased by 0.7% in May, bringing the region’s annual rate of growth to 2.1%, whilst property prices in the North East were 2.6% higher than in 2018.

Rightmove’s Director, Miles Shipside, explained: “These increases are the result of a combination of strong demand, buyers’ affordability headroom, and a continuing shortage of suitable properties.

“Agents in these areas say that Brexit concerns are not really on the agenda of home-movers; they are more concerned with satisfying their housing needs.”

He continued: “Activity breeds activity and a greater choice of fresh properties in these record-setting regions helps to spur buyers into action, especially if they have a property to sell. This in turn adds another new listing that might then tempt another buyer, in a virtuous circle.”

However, higher housing costs are deterring many people employed in the UK from applying or accepting a new job, according to research by Strutt & Parker.

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