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The housing market is losing momentum

The average price of a residential property in England and Wales is now £314,643, according to the e.surv Chartered Surveyors’ House Price Index for October.

The data shows that on average property prices in England and Wales increased 0.9% in October, while there was an average annual increase of 4.4%. Greater London was the region with the highest monthly growth at 2.5%.

Richard Sexton, director at e.surv, commented: “House prices continued to rise month-on-month in October. However, the momentum has slowed significantly. Between September and October, average house prices increased by 0.9%, the slightest monthly increase since prices began to rise in June this year.”

Despite the slowed growth, average property values still stand at 4.4% higher than this time last year, according to Sexton. He continued: “This increase is still thought to be largely buoyed by the purchase of the bigger, and often more expensive, homes – activity which has been encouraged further by the stamp duty holiday in England.

“The resilience of the housing market through the crisis has been astounding, as shown by the continual rise of prices since June. The first national lockdown, which left many in England and Wales almost totally confined to their current homes, certainly seems to have re-focused the minds of a lot of consumers onto the property market.”

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