"For all the talk of Brexit uncertainty, the main factor driving up prices in the housing market is still supply and demand."
The average price of a house in England and Wales is now £295,276, up 3.1% on the same time last year.
Your Move says the most significant impact on the market this year remains the changes to Stamp Duty in April, with strong price increases up to March 2016, followed by a fall following the change. Since then prices have been broadly flat, despite the Brexit vote.
Transaction levels have followed a similar pattern, but have marginally improved in the last month. The estimated level of 77,500 sales in November is just a little below the recent average for the time of year.
Adrian Gill, director of Your Move and Reeds Rains estate agents, said: “House price growth has slowed again, but in London, as elsewhere, there’s still appetite to continue driving up prices where buyers see value.
“For all the talk of Brexit uncertainty, the main factor driving up prices in the housing market is still supply and demand. That imbalance remains even after the Government announcements in the Autumn statement.”
Richard Sexton, director of e.surv chartered surveyors, added: “The market is still performing better than many expected. Transaction levels remain subdued, but are not far off previous years. Prices are still edging up.
“Supply remains the big issue. The Chancellor has announced plans for 140,000 new homes as part of the Autumn Statement, but the ‘radical’ plans promised to boost supply will be in the Housing Whitepaper, postponed to January. The uncertainty that’s so characterised this year looks set to continue a while longer.”
