In November, residential property prices across England and Wales increased for the first time in eight months reports LandlordToday.
This was supported by strong growth in the South West, North West and the West Midlands, says the new data, where there has been a surge in demand from buy-to-let (BTL) investors.
The figures highlighted that:
- on an annual basis, growth continued to weaken and at 0.9% it reached its lowest point since April 2012;
- growth was strongest in the South West of England where the average price of a home rose 4.3% on an annual basis;
- the North West and the West Midlands both saw a rise of 3.4%;
- the average value of a home increased by 0.3% to £300,859 last month - the first rise since March 2017;
- prices continued to fall, however, in London (down 0.6%) and the South East (0.1%).
Commenting on the data Mike Richards, director at Mortgage Concept Associates, said: “London and the South East were overpriced and I am sure it has to realign itself, and it has been doing.
“I have seen down-valuations – not a great deal, but just a little bit knocked off each time. It is getting more difficult, and I think [this pattern] will continue, slowly.
“The rest of the country is seeing increases, possibly because buy-to-let landlords are looking further afield to the Midlands, the North, Wales and the West Country.”