The latest figures have been released from the Land Registry for February 2017 showing a £217,502 average property price across the UK, with a 5.8% annual price change and 0.6% change month on month.
The East on England enjoyed a 10.3% annual increase, followed by the East Midlands with 7.5% and the West Midlands with 7%.
Yorkshire and Humber lead the pack on monthly growth at 2.5%, while the East of England increased by 2.1% and the East Midlands by 2%.
London still dominates the UK property market in price averaging £474,704.
Although many have been quick to attribute a slowdown in the market to fears of Article 50 and buyer uncertainty, the latest data from the Land Registry would suggest a more natural adjustment is currently happening to the market.
Prices across the board have generally continued an upward trend despite a slower start to the year than usual, but it is no coincidence that both London and the South East have seen some of the only falls in monthly property price growth. Both have considerably higher average house prices than the rest of the UK and what we are currently seeing is the property market in these areas realigning itself with the rest of the country, having seen an abnormal level of inflation over the last year.
As these markets pause to catch their breath, it is inevitable that the result will be a downward movement in price growth. But as we approach the peak time of year for both homebuyers and sellers it is likely that this brief rest bite will soon subside and price growth across the whole of the UK will remain buoyant.Russell Quirk