"The new market data shows us once again that there is no single housing market but the sentiment, we believe, remains singularly positive"
August saw monthly growth of 0.1%, but annual growth on an annual basis fell to 4.3% from 5.3% in July.
Transaction levels present a mixed picture, with activity across England & Wales lower annually, but up 2.6% on July as prices and transactions continue to recover from the slump following the stamp duty rise.
It is estimated that there were 78,000 housing transactions in August, with levels now closely tracking those of 2013 for the last three months.
In London, although transactions and price growth have slowed in the most expensive boroughs, more affordable areas have seen impressive annual increases. This includes Lewisham (18.7%), Barking and Dagenham (18%), Waltham Forest (16.3%) and Bexley (16%). Average annual increases in London over the previous three months were 4.6%.
Average growth for England and Wales is 5.3% while a large number of unitary authorities continue to see double-digit growth, led by Luton, with annual average prices up 15.6%, Slough (14.6%), and Thurrock (14.3%).
Adrian Gill, director of Your Move and Reeds Rains, said: “The new market data shows us once again that there is no single housing market but the sentiment, we believe, remains singularly positive – there is demand for affordable property and there are people who, bearing in mind the transaction volumes recorded, have the appetite to make a move.
“To maintain this momentum, however, it will be necessary for the government to provide continued support to consumers, housebuilders and the property industry as a whole and ultimately ensure that there are enough houses - and finance available - to help people realise their dreams of home ownership. Whether this will come when the Autumn Statement is announced is yet to be seen but no doubt many will hope it is yet again strongly positioned on the political agenda.”
