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House price growth spreads across southern England

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House prices rose by 0.6 per cent in April due to increasing momentum in markets across southern England, the latest Hometrack house price index has found.

The survey said London continued to lead the way with 0.8 per cent month-on-month house price growth but strong growth was also present in the South West (0.8 per cent), South East and East Anglia (both 0.7 per cent) regions.

Hometrack said price growth in London could begin to level off due to “signs of growing price resistance on the part of buyers” in the capital.

The report also found the time to sell has increased from 2.7 to 3.4 weeks and there are declines in the proportion of areas registering higher prices compared to the second half of 2013.

Nationally, demand for housing continued to increase, rising by 3.3 per cent.

Richard Donnell, director of research at Hometrack, said: “London continues to register above average growth but market conditions continue to strengthen in the regions outside London, particularly southern England.

“Nationally, the average time on the market is down to 6.3 weeks, the lowest since June 2007. While the outlook is for further price increases there are emerging signs of growing price resistance in London which could check the rate of house price appreciation in the coming months.”

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