The West Midlands is now top position on the house price leader board as the region with the highest growth rate – according to the latest house price index from Acadata and Your Move’s parent company, LSL Property Services pcl.
Infact the whole of the Midlands continues to grow solidly with the West increasing by 3.1% and the East by 2.8%. Shropshire (3.7%) has especially shown good growth as well as Warwickshire (3.1%), and only Stoke-on-Trent has seen prices fall over the year. The West Midlands conurbation in September also saw a new peak average price of £206,671.
In the East Midlands, there were new peak prices for both Rutland and Derby. Rutland is up 3.7% monthly and 16.3% annually, the highest growth in England and Wales. Derby has also seen annual growth of 7.2%.
There has been positive growth elsewhere. Bournemouth is up 11.8% annually and the South West and Merseyside in the North West (2.6%) were also among the 11 areas to set new peak prices in September.
Those that have seen falls include the South East, dropping 0.4% in September and 0.1% on an annual basis. That’s partly down to the poor performance in Windsor and Maidenhead, where prices are down 8.0% annually, the biggest fall in the country. However, the Isle of Wight set a new peak and is 4.5% up annually.
Most regions continue to show growth with the average price of a home in England and Wales now £304,433, up from £301,367 last October.
All regions have seen annual house price growth reduce in the last month, with the slowdown most pronounced in the North East, dropping by 1.7% to -0.2%, and in London and Wales, with growth slowing from 3.0% to 1.8% in both cases.
For more on the latest house prices and market updates, download October’s House Price Index.