All regions across England and Wales experienced annual house price growth over the last 12 months, with the average now standing at £302,251, the latest housing index shows.
However, despite the 1.6% annual growth in the 12 months up to July, month on month prices fell for the fifth consecutive month, down 0.2%, according to the data from LSL Property Services.
The report blames the stuttering prices on the general slowing down of activity in recent months, with the number of transactions in July down 2% on June to an estimated 75,000. These figures are also down 6% on the the seasonal trend, and transactions in the opening seven months of this year are believed to be around 4% below what they were last year.
However, a regional breakdown shows that some areas have performed better than others, with the West Midlands experiencing price growth of 3.3%, while the East and South East of England saw prices grow by 0.5%. That said, the LSL point out that this range is unusually narrow.
The South East did however set a new peak price, with growth of 11.5%. Despite that, the report highlights that this figure has been significantly aided by a sale in the Newbury area worth £9 million, and that the region is performing poorly overall.
Further regional breakdowns show growth of 10.9% in Monmouthshire, 6.3% in Warwickshire, and 4.8% in Herefordshire, while both Leicester and Bournemouth saw growth amounting to 4.8% and 4.6% respectively.
However, within London, the trend of overall growth has not been replicated, with prices falling in two thirds of the capital’s boroughs on an annual basis, leaving the average London property price standing at £625,529. A number of small transactions has has caused the biggest drops to occur in the City of London, where the average property exchanged for 19.4% less than it did 12 months ago.
Meanwhile, prices in the boroughs of Hammersmith and Fulham, and Southwark, were shown to be down 11.7%, although the swing in these areas can be explained by a spike in the sales of new builds in previous months.
Despite a slight average drop of 1.9%, Kensington and Chelsea remains London’s most expensive borough, with prices of £1,765,033, while across the capital in Barking and Dagenham continues to be the cheapest borough with an average price of £308,547, despite annual growth of 1.8%. London also saw the number of sales in the second quarter of 2018 fall by 7% compared to last year.