The average house price across England and Wales rose minimally last month, with a month-on-month fall recorded in London.
The 0.6 per cent fall in the capital between August and September was prompted by large drops in value in the most expensive boroughs.
While 11 of the 12 cheapest boroughs saw double-digit annual house price growth over the year, the five most expensive boroughs all experienced annual price declines.
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There was a 16.5 per cent decline recorded in Camden, thanks to unusually high flat price sales in 2015, and a 6.8 per cent decline in the most expensive borough, Kensington and Chelsea, to £1,659,888.
Your Move and Reeds Rains’ monthly house price index found the average house price in England and Wales last month was recorded at £292,763, marginally up from £292,644 in August, and up 3.5 per cent on September 2015.
Greater London was the worst performing region between August and September, with the average price falling 0.6 per cent to £580,930. Year-on-year, this was up 2.2 per cent.
“We’re seeing a two speed market become firmly established as cheaper parts of the capital and the regions record big price increases driven by demand for affordable homes, while prime London property stalls,” said Adrian Gill, director of Your Move and Reeds Rains estate agents.
“At the same time transaction levels are showing how much the market has changed, with the number of properties now held by private landlords changing market dynamics.
“This all creates big challenges for government housing policies, which are going to have to be flexible enough to allow regions to make use of the solutions that work best for their different needs.”