The average house price across England and Wales increased by 1.2% between December and January, according to the latest e.surv House Price Index.

e.surv’s data also showed an average annual increase of 8.7% between January 2020 and January 2021 .

The latest movement has taken the average house price in England and Wales to £330,958 at the end of January, a figure which had sat at £304,512 at the end of January last year.

e.surv director, Richard Sexton, suggested the “remarkable growth” in property prices recorded in the second half of last year has continued into 2021.

“Rapid growth in the South West, East Midlands and the North West means that average property prices have started the year up close to 9% on January 2020,” Sexton commented.
 
“There are, as always, a number of factors at play, but we may well have moved beyond the release of the demand that was pent-up at the start of 2020 and into a new phase for the market.

“For many, the pandemic has proved very financially trying, but this hasn’t been universal. For some households, where people have kept their jobs and transitioned totally to home-working, the pandemic has provided an opportunity to cut spending and build their savings.
 
“For these consumers in a more fortunate financial position, the combination of low mortgage rates and the stamp duty holiday have made entering or often re-entering the property market an attractive prospect. Many buyers have made the decision to make a move in the last year and the popularity of larger properties with more outdoor space has increased greatly, as buyers have re-evaluated their current living situation.”

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