Annual property price growth in England and Wales at lowest since 2013

Average prices in England and Wales, excluding new build, reached £254,839 in May 2019, up 0.1% month on month, up 3.5% year on year but down 1.3% on a quarterly basis, according to the latest residential index report. The report from London Central Portfolio also shows that average new build prices were £303,646, some 15.1% more than existing stock, and up 4.3% year on year. When it comes to sales new build transactions increased by 5.2% while the existing homes market saw sales fall year on year by 0.9%. Naomi Heaton, LCP chief executive officer, pointed out that annual growth in England and Wales is at its lowest since 2013 and sales have seen a steady decline since the European Union referendum three years ago.