The West Midlands is currently the region with the highest annual house price growth across England and Wales, the latest e.surv Acadata House Price Index has revealed.
The area saw prices climb by 12.0% in the 12 months to December 2021, up from a figure of 9.5% in November.
According to e.surv’s data, the South East (10.3%), Wales (8.5%) and Greater London (7.0%) were the areas with the next highest rates of annual growth in the final month of 2021. However, Wales had slipped back from an annual growth rate of 10.0% in November.
e.surv revealed that across the whole of England and Wales, the average house price stood at £357,750, having seen prices rise on an annual basis of 7.7% up to December.
Commenting on the data, e.surv director, Richard Sexton, said that the return to work for many has seen commuter belt towns “fare well” in the housing market this month, but warned that a “supply crunch” remains.
“The lack of desirable stock available on the market has not deterred those wanting to move but has thwarted their ability to do so,” said Sexton. “New buyer registrations have remained strong yet the types of properties in demand, those that offer the potential for home office space or have gardens, are in poorer supply delivering further price support.
“Adding further pressure is the lack of supply of new housing as developers seek to recover from the impacts of the pandemic on labour and materials and endeavour to meet the government’s expectations of contributing to the remedial costs of cladding.
“While, at first glance, all this might appear to stack up against borrowers, mortgage competition remains keen and attractive long-term fixed rates are available. Combined with potentially substantial lockdown savings, many borrowers still have the wherewithal and desire to invest in new homes as this data is showing.”
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