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The ONS and Land Registry have just released their latest house price index for November 2016, showing prices have increased annually by 6.7% taking the new average house price to £217,928. Between October prices also increased by 1.1% with the West Midlands enjoying the largest monthly increase at 2.2%.

Despite traditionally being one of the strongest markets in the UK, the South East saw the slowest rate of price growth at just 0.3% and the volume of transactions also dropped across England and Wales when compared to November of last year.

Property expert and eMoov CEO, Russell Quirk, was on hand to comment on the latest house price data.

Today’s figures from the Land Registry act as confirmation of what we already believe to the true, which is that the UK market remained resolute in the face of uncertainty with price growth continuing to increase late into the year. A drop in the number of completions may serve as ammunition for those looking to state otherwise, but this is always going to happen during this point in the season as things wind down before Christmas.

London in particular has managed to shake off the constraints of stamp duty changes and Brexit angst to continue the upward price growth trend, despite many predicting storm clouds on the horizon for 2017.

Very interesting to see the lowest month on month growth being found in the South East. This is traditionally one of the strongest markets in the UK but it would seem a topsy-turvy year for the UK market has helped readdress that balance, with regions such as the East Midlands, West Midlands, the North East and the North West all performing very well.

It would seem those with the higher average house price are more inclined to sit on the fence and wait out any period of uncertainty in the market, whilst those elsewhere around the UK are benefitting from their “get on with it” attitude.

There is no doubt many sellers across England and Wales, particularly across the capital, have held tight towards the back end of 2016 where the sale of their property is concerned and as a result we have seen a fall in transaction numbers.
A slowdown in transactions as we approach Christmas is always a seasonality in the property industry but those sitting on the fence have no doubt bolstered those figures somewhat.
These sellers would be foolish to remain in their current property selling limbo as the market remains in good condition at the moment, but many are predicting a rocky road ahead in 2017. Failing to act now could result in a decline in value later on in the year, although we don’t believe the UK market will underperform to the extent many think it will during 2017.
Russell Quirk

Founder & CEO, eMoov.co.uk