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House prices now £54,000 above recession low

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The average house price in England and Wales is now £54,000 above the recession low point, figures released by LSL have shown.

The property firm said the typical property was now valued at £263,113 following a 7.3% rise in the last 12 months. House prices were up more than £1,200 on the previous month.

London house prices continued to bubble up, growing 13.2% in the year from April 2013.

The number of housing transactions has also risen sharply with 40% more house sales in April than a year ago.

LSL said this increase was fuelled by a greater number of first-time buyers and buy-to-let landlords coming to market.

Richard Sexton, director of e.surv chartered surveyors, said: “Average prices across England and Wales have risen £1,200 during April, setting a new record. Prices have now climbed over £54,000 (26%) above the recession rock-bottom of April 2009, when the nation was gripped in the gloomy depths of the financial crisis.

“Activity is largely being fuelled by increasing numbers of purchases by first-time buyers and buy-to-let landlords, as consumer confidence sweeps the country. Low inflation and healthy wage growth are energizing household finances, and infusing aspiring buyers with greater optimism.”

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