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Rightmove: Average House Price Now Above £300,000

The average purchase price for a house in England and Wales has now increased beyond £300,000 for the first time.

Property Prices Rise to Above £300,000 Average

The average purchase price for a house in England and Wales has now increased beyond £300,000 for the first time.

Online property portal Rightmove has reported that the asking price for a home increased by 7.6% from February to March, rising from £299,287 to £303,190.


A surge of market activity has taken place as landlords and property investors attempt to complete purchases ahead of the introduction of a new Stamp Duty levy on April 1st, driving up property prices to a new record high.


The figures published by Rightmove showed that the majority of the growth has been seen in the North and the West of England, with the London market, traditionally seen as the driving force behind house price rises, slowing down and remaining flat from February to March.


However, property prices in the capital did increase year-on-year, with the figures for February 2016 marking an 11% rise on the same month last year to an average of £644,045.


Elsewhere in the UK, the South East achieved a new average price of £399,680, the South West reached £292,251, the West Midlands rose to £204,140 and the average in the East Midlands now stands at £177,437.


In the North West, property prices are averaging £177,437 and are reaching £174,046 in Wales.


Commenting on the figures, Rightmove director Miles Shipside said: ‘While the start of 2016 has seen an encouraging but modest up-tick in the number of properties coming to the market, demand and momentum have combined to push prices over £300,000.’

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