UK house price growth eases, London a drag
UK house price growth slowed in May, while all but two London boroughs saw a decline, according to the latest survey from Rightmove.
House prices rose 0.9% on the month in May compared to a 1.1% increase in April. On the year, prices were 0.1% higher, versus a 0.1% drop the month before.
Rightmove said four out of 11 regions were "bucking the Brexit blues", with Wales, the West and East Midlands and the North West all setting new asking price records for newly-marketed property.
However, in the capital, just two of the 32 boroughs - Barking and Dagenham and Bexley - saw prices increase.
Mile Shipside, Rightmove director and housing market analyst, said: "Price increases are the norm at this time of year, with only one fall in the last ten years, as new to -the-market sellers’ price aspirations are under pinned by the higher buyer demand that is a feature of the spring market.
"Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices."
North London estate agent and former RICS residential chairman, Jeremy Leaf, said: "Asking prices are not selling prices, which explains why some of these figures do not match results from other recent housing surveys. Overall, although there has been little change, that masks some considerable regional differences. For instance, London is acting as a drag on the rest of the UK housing market and prices don’t include inflation so have risen or fallen further in real terms.
"The spring bounce is taking place but not reaching to the heights we would have expected and certainly not in the capital.
"Looking forward, we are not expecting significant changes one way or the other, at least until Brexit is clarified."