House price boom spreads across England and Wales
02-15-2014
Mortgage Solutions Adam Williams
More than 90% of local authorities in England and Wales have experienced house price growth in the past year as the housing boom spreads outside of London and the South East.
Every region of England and Wales saw an annual rise in property prices, the latest LSL housing market index has shown.
The typical property is now 5.2% more expensive than a year ago, averaging £241,101.
In the Greater London house prices rocketed by 10.6% to reach an average of £477,157. Some areas of the capital such as Waltham Forest have seen growth of more than 20% in the last 12 months.
David Brown, commercial director of LSL Property Services, said: "The UK housing market is roaring further back to life in 2014 as the recovery weighs in across the board. Prices are now up 5.2% annually, driving the price tag for the average home to a new high.
"Mostly this is due to much increased activity, with increased demand for property buoyed by low interest rates and Help to Buy, combined with hot competition for homes. This boost in sales has seen an air of optimism encapsulate the market. While 2013 was a turning point in the recovery, 2014 is set to be a watershed year if the next few months continue in the same vein."
Separate research by Connells found the number of first-time buyers seeking properties had increased by 56% on the previous month as new buyers try to snap up properties using the Help to Buy scheme.