House prices across England and Wales up 0.8%

House prices across England and Wales grew by 0.8% in June, according to the latest e.surv House Price Index.

English and Welsh house prices have now grown by 10.7% on annual basis, to take the average price to £336,247.

e.surv’s data also revealed that excluding London and the South East, annual house price growth was even greater and sat at 13.9% in June. The North West of England has seen the highest rate of growth for the last nine months, the data showed.

“Over the last 12 months, our index has shown the average price of a home sold in England and Wales has increased by some £32,500, or 10.7%,” e.surv director, Richard Sexton, commented.

“If we exclude London from this then the figure is a very considerable 14%. Nevertheless, even including the capital, this is the highest annual rate since February 2005. It is now 14 months since any of the areas in our index have recorded a fall in house prices, and this is while the UK economy has been under the severest pressure it has faced in living memory.”

e.surv’s index also highlighted that any slowing of price rises in the period between March and May because of the initial expected end of the stamp duty holiday had been “short-lived”.

“This is in part because of the extension of the holiday but also the more general optimism in the economy which has seen many transactions that were previously postponed come back online,” Sexton added.

“Mid-April, even before the stamp duty holiday ends, the government has introduced further fiscal support in the shape of its 95% LTV mortgage guarantee scheme. This is giving continued support and confidence to borrowers and mortgage lenders, many of whom have re-introduced their own higher LTV lending to the market. This is good for the market and for home movers.”

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