Housing transactions lowest for five years
Housing transactions are at their lowest for five years.
A new report out this morning says that last month an estimated 79,900 housing transactions completed, down 4% on the same month last year, and the lowest since 2013.
The LSL/Acadata index puts the average house price at £303,199, up just 0.1% on July but putting to an end a series of falls since March.
The average annual rate of house price growth is 1.8%, which the report says means actual falls as it is lower than 2.3% inflation. The report describes the housing market as flat.
Prices have fallen in 21 out of 33 London boroughs this year, but in the midlands and north-east house prices grew as they did in certain pockets of the market.
In the south-west, Bournemouth house prices rose 6.4% annually in August; in west Berkshire, there was a 12.7% annual rise; and in Monmouthshire, prices soared 14% annually.
The biggest faller was Westminster, where housing transactions prices have gone down almost 12% year on year.