Residential property prices across England and Wales increased in November for the first time in eight months, supported in part by strong growth in the South West, North West and the West Midlands where there has been a surge in demand from buy-to-let investors, according to a fresh report.
On an annual basis, growth was strongest in the South West of England where the average price of a home rose 4.3%. This was followed by the North West and the West Midlands, which both saw a rise of 3.4%.
The average value of a home increased by 0.3% to hit £300,859 last month - the first rise since March.
However, prices continued to fall in London and the South East, where prices are down 0.6% and 0.1% respectively.
On an annual basis, growth continued to weaken and at 0.9% hit its lowest level since April 2012.
Reflecting on the data, Mike Richards, director at London-based Mortgage Concept Associates, commented: “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.”
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