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House prices up 6% over the last 12 months

Written by: Christina Hoghton
Average UK property prices are well up year on year, despite a small monthly fall in price growth in November.
House prices in England and Wales increased by £16,446 over the last year, to reach £290,640, according to a survey from Reeds Rains and Your Move estate agents.

This represents a 6% increase on last November.

However the monthly rate of house price growth did fall back to 0.6% in November, slower than the 0.9% monthly uplift seen in October.

The survey also showed that the South East has overtaken East Anglia as the region with the fastest growth in house prices in the last year.

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Home sales tumbled 15% in November compared to October, and total sales for the 11 months of 2015 so far were 3.4% lower than the same period in 2014.

However, the estate agents said that the recently announced Stamp Duty surcharge may cause a late winter surge, as second home buyers and landlords hurry to beat the April deadline, when the tax increases by 3%.

Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “House prices have sprinted to a new record even with a monthly stumble. Annually, house price growth has strengthened, rising 6% compared to this time last year, with a total increase of £16,446, equivalent to £45 each day.

“Prices have been powered by the South East, which has now overtaken East Anglia as the fastest growing region in England and Wales. House prices in the South East have risen by an average of 7.1% this month, with values increasing in every local authority in the area. It appears that the double digit price rises first seen in the prime London market – then the other London boroughs – are now rippling out even further to London’s commuter towns, with house prices in Reading rising by 18.3% and Luton increasing 17.3%.”

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