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Average home gained 18k in value last year

adamlewis
Written By:
adamlewis
Posted:
Updated:
14/01/2016

House prices in England and Wales grew 6.6% in 2015, to reach an average £292,077.

House prices increased by a healthy £18,000 in 2015 across England and Wales to reach £292,077 – a 6.6% increase in value, according to the monthly index from estate agents Your Move and Reeds Rains.

Prices in London rose by a huge 11% over the year, however the picture was different in the very centre of the capital. Prices actually fell by 8.7% in the five affluent most central London boroughs.

The East Midlands saw the second highest regional rise in prices in 2015, boosted by a 10.6% annual rise in Nottingham’s house prices.

Overall, the figures show that last month was the strongest December for sales since 2006, as transactions were up 7.1% year-on-year.

Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The rising tide of property prices has been propelled so far by a sinking supply of houses coming onto the market, compared with increasing enquiries from potential buyers eager to clamber aboard the property ladder. If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 watermark, having reached £250,000 in December 2013. Property price rises have certainly left the recession in their wake, with house prices passing the £200,000 milestone only in October 2005.

“The tide certainly turned for the Central London housing market last year. The hike to the top rate of stamp duty has taken the wind out of the centre’s sails, with house prices in the most expensive five boroughs falling by 8.7% on average during 2015. In Kensington and Chelsea, London’s most expensive borough, prices fell by 14.2% over the year.”

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