State of the Market

Nov '18 Edition

Richard Speigal

by Richard Speigal

At a national level, house prices have risen annually by 2.9% in England and 6.2% in Wales, but that totally fails to capture the local stories behind the numbers.

National averages tell us average prices are rising. But by definition, that doesn't mean prices are rising everywhere.

Only 53% of the postcodes analysed in this month's report are seeing notable price rises. The rest remain flat or falling, with continued strains on London and its commuter belt.

House prices in England and Wales
Rises and falls in August 2018

London and the South East have now joined the North East in having significantly more than half their postcodes seeing flat or falling prices.

In the capital prices fell 0.2% annually but the pain is unevenly spread: Shepherd's Bush (W12) rose 18% in a year, while fashionable SE1 has seen a fall of 13%.

The only story that is true across the land is the fall in transactions.

81% of postcodes have seen annual falls in sales. Lack of the right supply and constrained affordability are the drag.

Happily, affordability isn't dead.

Liverpool is a great example: Wages here are 15% lower than the national average, but house prices are 60% less. City centre homes changed hands here for £92,000 - just 4.3 times median local annual income.

Head to page 4 of the report to discover similar places with homes for less than £100,000 and local incomes high enough to satisfy tighter mortgage lending rules.

As ever, property is about location. We hope this report tells that story more clearly.

State of the Market - Nov 2018 edition

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State of the Market is a free monthly report that tracks sales prices in over 2,000 postcodes across England and Wales.

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