House prices in England surpass the 2007 peak of £180,983 rising to a new of £181,619 according to the latest property figures from the Land Registry. This is an annual rise of 5.4% in England and Wales taken in June.
If we look at the regional breakdown of this latest data the largest annual growth was seen in London, where prices were up by 9.2% and the North East also experienced the largest monthly growth of 3%. Yorkshire and the Humber saw the smallest annual price increase at 1.4%, as well as the biggest price fall, with house prices down by 0.9%.
In the South East we saw a 0.4% month on month increase and 8.4% year on year, bringing the average house price up to £247,375.
New government schemes have enabled first time buyers to access cheaper deals, however lack of housing supply is still hampering the market. The supply of new builds still remains a problem with construction falling flat during the second quarter of this year. Affordable homes still remains a huge problem in the UK, and despite the increase in property prices, the number of property sales plummeted from April to April 2015, a decrease of 19% across England and Wales.
London house prices have also started to slow down after 10 years of out performing all other areas in the UK, this is partly because of the increase of stamp duty on property worth more than 1.5 million and because property buyers have realised that they can get much more value for money if they move out of London and into the commuter belts such as Essex and Herts.
If you are considering buying a property then why not pop into your local branch of Intercounty or alternatively give our team a call on 0844 8111 090*
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