The number of houses coming to the market fell in March for the 13th month in a row! Your Move have tracked an estimated 63,500 transactions, down 7% compared to March 2016, but in line with levels seen back in 2015. This is not a bad thing if you are looking to sell, it means that despite the affordability issues Asking Prices are at an all-time high, according to Rightmove data.
In the short-term we can see prices across England have showed signs of stagnating. The average home in England and Wales is now at £302,606, up just 0.1% in April, this is an increase of 3.5% since last April. So nationwide the figures are predicted to increase 2% in the coming year.
But this is just the overall picture, there are local trends which differ. Greater London has seen a monthly decline of 0.1% to £610,418, according to City AM. The West Midlands are seeing the highest house price growth, with an increase of 0.5% on a monthly basis, and 6.2% annually, reaching £321,373, according to data from Property Wire.
More locally Home Track reports an increase of 1.1% across Greater Manchester in the last month. But if we look at Trafford alone, we are seeing a totally different picture. Average prices in Trafford for May 2016 were £243,771, while in May 2017 they are £262,071, up by a massive 9.3%, figures from the Land Registry House price Index! In the last month alone we have seen an increase of almost 1%! Therefore, national figures really are not a reflection of what is happening locally.