London property boom spreading to suburbs and commuter towns as house prices rise by 6.7 per cent in 12 months
The study of data was carried out by Savills Research
- Around 30 houses a day are changing hands for seven figure sums Nearly 1,000 homes every month are now being sold for more than £1million
- There has also been a sharp rise in parts of the Midlands and the North
- Largest increase outside London was in Brighton where prices rose by 31%
The London property boom is being felt in the suburbs and commuter towns such as Brighton and Windsor, latest figures reveal.
There has also been a sharp rise in parts of the Midlands and the North.
Land Registry data showed that London house prices rose at their fastest monthly rate since records
began in 1995, to an average of £435,034.
The London property boom is being felt in the suburbs and commuter towns such as Brighton (pictured)
Across England and Wales prices rose by 6.7 per cent in 12 months.
The study of data was carried out by Savills Research and showed that several areas were feeling the 'London effect'.
Nearly 1,000 homes every month are now being sold for more than £1million.
Figures reveal that around 30 houses a day are changing hands for seven figure sums – up two-thirds on a year ago.
Outside London, the most expensive areas are Windsor (pictured) and Maidenhead, where the average house costs £366,333
And all regions of the country have seen property prices jump over the past year, according to the
latest data from the Land Registry.
Their report will fuel fears that a dangerous house price bubble is developing in some areas, particularly London and the South East.
The figures show 836 houses changed hands for at least £1million in England and Wales in February – up 65 per cent from 507 in the same month last year.
Experts predict the number will soon exceed 1,000.
It is already significantly higher than the 740 homes a month, or 24 a day, which sold for at least £1million at the peak of the pre-recession boom in 2007.
In 2004, just 11 homes a day were changing hands for seven figures.
The average house price across England and Wales rose 6.7 per cent in the 12 months to April to hit
£172,069 – the biggest increase for four years.
Land Registry data showed that London house prices rose at their fastest monthly rate since records began in 1995
All regions have seen prices jump over the past year, from a 17 per cent rise in London to a 2.9 per
cent increase in the North East.
The most expensive area of London is the exclusive Royal Borough of Kensington and Chelsea, where a typical home sells for £1.27million.
Meanwhile, prices are rising fastest in Waltham Forest in the north-east of the capital, where they soared 26.2 per cent to £323,288 in the year to April.
The largest increase outside London was in Brighton, where values have risen by 31 per cent since 2009
Tina Templeman, of Mishon Mackay estate agents in Brighton, told The Sunday Telegraph that a fifth of its buyers in the first few months of the year were from London.
'We are definitely seeing the London effect,' she said.
Outside London, the most expensive areas are Windsor and Maidenhead, where the average house costs £366,333, and Surrey at £328,328.
And after the capital, prices are rising fastest in Oldham, where they are up 12.1 per cent. But the average home there still costs just £82,845, the report shows.
In Hertfordshire, prices have risen by 22 per cent since 2009.
Several areas of Northern England also saw significant year-on-year price increases, with a 5.5 per cent rise in Yorkshire and the Humber pushing the average house price to £120,118.
The North West has seen growth of 3.8 per cent, taking the typical value to £112,064, and in Wales, prices have increased by 3 per cent over the past year to reach £117,581 on average.
Experts said the property boom is extending beyond London as the economic recovery and the Government’s controversial Help to Buy scheme boost demand