House prices grow after months of slowdown
Average house prices in England and Wales returned to growth in November after several months of slowdown with values up 0.3 per cent, the latest index shows.
Data from the LSL/Acadata index reveals that the return to monthly growth began in September when monthly price falls started to slow.
Every region apart from Greater London has seen prices rise, with the South West recording the biggest annual growth at 4.3 per cent, taking the average house price to £371,182.
Greater London, with a fall of 3 per cent, saw the largest decline, taking the average price to £586,987.
The top monthly price growth was in the West Midlands with a rise of 0.5 per cent and the East Midlands up 0.4 per cent to an average of £215,944 and £205,385 respectively.
If London and the South East were excluded from the annual calculation then prices were up by 3.3 per cent.
Of the cheapest 11 London boroughs, four have seen prices drop in the last 12 months and in the most expensive 11, seven have seen prices increase.
The report points out that the return of monthly growth has come just in time to save the market from recording an annual decline in prices.
Despite this, the rate of growth in November at 0.9 per cent continues the consistent downward trend begun in June. Only a year ago, annual price growth was 6.3 per cent.