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House prices up 6% in a year

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House prices in England and Wales have reached a record high after the biggest monthly rise in almost two years, figures from LSL have shown.

The average price climbed to £257,951 at the end of February, with total sales jumping to 66,000 – the highest total for February since 2008.

House prices across England and Wales are now 6% higher than at this point last year. Much of this growth was driven by the capital with houses in London worth 10.9% more than 12 months ago.

Record house prices were achieved in the South East areas of Bedfordshire, Bracknell Forest, Brighton & Hove, Hampshire, Hertfordshire, Milton Keynes, Oxfordshire, Reading, Surrey, West Sussex and Wokingham; South West region of the City of Bristol; Welsh capital Cardiff and the county of Warwickshire.

Richard Sexton, director of e.surv chartered surveyors, said: “The UK housing market is firing forward on all cylinders. House prices are up £2,500 in the space of just one month, marking the biggest rise since May 2012 – twenty one months ago.

“While annually prices have risen 6% in February, once again taking the price up for the average home to a new record height. 2013 may have been the year when the market got back on its feet, but it seems to be this year when we’ll see it gallop onwards towards full health.

“For so long the housing market had to duck for cover from the fierce economic storm, but with the economy firmly on the mend and the jobs market picking up, this is hopefully well and truly resigned to the past. As we head into the typically busier spring period we are seeing a further strengthening of buyer demand which, combined with a thumping start to the year from the mortgage market, has bolstered confidence across the board.”


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