House prices have continued to grow in November with Blackpool experiencing the highest annual growth with a 13% uplift, the latest House Price Index for England & Wales from chartered surveyors e.surv has revealed.
The index found that house prices continue to perform strongly in many regions with the North West continuing to outperform other regions.
Wales also posted strong results with a 9.6% annual increase in prices.
Despite transactions returning house prices remain some 3.8% higher than last year with the average house price is now £337,173, up 0.5% on October.
Richard Sexton, director at e.surv, said: “Regional performance, or more accurately variation, continues to be the story beneath the headline growth rate in house prices.
“So while we may talk of slowing growth at a national level, regions like Wales continue to out-perform the national story – Wales continues in top place in the annual price growth league for the fifth month in succession!
“The North West too continues to enjoy strong house price growth, and Blackpool again has experienced the highest in that region of 13% – coming off its previous high last month of 16.9%. As a piece of context, on a monthly basis the overall growth rate is reducing from a high of 2.7% in September, to 1.2% in October and 0.5% in November.
“The key stimulus factors that have spurred such high growth previously such as the stamp duty holiday and furlough scheme are now no longer supporting the market yet despite this, the imminent arrival of Christmas and the discovery and measures to address the Omicron variant, house prices continue to grow, albeit slower.
“In terms of the property types that are flourishing in this regional story, we are seeing growth in the semi-detached and terraced markets.
“This is not the narrative that has previously supported price rises as the race for space during the pandemic has previously supported the view that detached and larger properties with gardens have been fuelling the growth.
“It may now be the case, as the Blackpool data suggests, that the increased demand for properties has moved in terms of price bracket to more affordable property and to semi-detached and terraced properties. It may well explain why the North West region, with its greater share of such properties, is seeing the highest rates of price growth regionally.”
