New House Price Record Set in Every Month This Year
The average house price in England and Wales has risen by 4.2% over the last year, reaching £284,742, according to the latest LSL Property Services House Price Index.
The data reveals that last month was the strongest September for house sales since 2007, fuelled by an increase in activity in the north and high annual price growth in the South East.
September’s 0.4% monthly price inflation on August also means that a new house price record has been set every month this year.
Director of e.surv chartered surveyors, Richard Sexton, reports: “The speed of house price growth across England and Wales may not be setting the world alight, but it’s certainly showing it has stamina – September marks the 42nd successive month of positive annual growth.
“Typical property prices are now £11,500 higher than a year ago and house price growth continues to outdo rises in wages and consumer prices.
“This growth is primarily being underpinned by sturdy demand and solid activity at the bottom of the property ladder.
“The most frequent paid property price across England and Wales is just £125,000, mirroring the level at which Stamp Duty becomes payable, and reflecting the impetus that has been injected in the first time buyer market recently.
“The shift in Stamp Duty bands continues to slow growth at the higher end of the market, and prices above £600,000 are largely stationary.”1
The greatest annual price rise was experienced in the South East, with homes now costing 5.8% more than last year, at an average of £333,539.
Prices in Greater London increased by 3.9% over the year, and the East Midlands and South West also witnessed substantial yearly growth, of 4.8% and 4.5% respectively.
The lowest rises were experienced in the North of England at 1.8% and Wales at 1%.