Greater London bounces back
The house price recovery that began in the spring has been sustained. In July, the average of all prices paid for homes in England & Wales has seen further growth, with the annual rate increase of 0.7% edging towards 1%, but still falling in real terms. Although in June all the northern and midland regions in England & Wales experienced a slowdown in their rates of price growth, there has been a turnaround in the southern regions, with London in particular once again returning to a positive nominal movement in its house prices.
As the graph shows, the annual rates of price growth for both the price series shown – one series including London and the South East, and the other excluding these two areas – are once again about to intersect. This means that London and the South East are no longer acting as a drag on the national figure, as was the case for the two-year period from July 2017 to June 2019.