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Average Property Price Now Stands at Nearly £300,000

The average house price in England & Wales has nearly reached £300k and is above £600,000 in London, according to a new report.

Average Property Price now £300,000

The average house price in England & Wales has nearly reached £300k and is above £600,000 in London, according to a new report.

The LSL Property Services / Acadata England & Wales House Price Index, published monthly, reported that property prices in April 2016 had risen by 1.0% since March, increasing to an average value of £298,030 – just short of a record £300,000.


The new peak is an 8.9% increase on property prices, or an additional £24,280 in value, from April 2015 when prices stood at an average of £273,751. April 2016’s monthly figures also marks the fourth consecutive month of annual growth in the index, with the rate of growth up from the 8.1% experienced in March.


The increase means that England and Wales has seen property prices rise by nearly 50% in the seven years since March 2009, where the average value of a house stood at just over £200,000.


In London, the rise in property prices has been even steeper, with average property values rising above an average of £600,000 for the first time. Prices increased 1.0% over the course of March 2016 to a new average of £600,625 – a new record for the capital.


Year-on-year, the price of the average home in the capital’s property market rose by 11.0%, the equivalent of adding £59,605 in value to each property over the course of the past 12 months.


Commenting on the LSL/Acadata report, Adrian Gill, director of Your Move and Reeds Rains, said: This acceleration in home values comes when many had expected house prices to dip due to a natural decline in demand from buy-to-let and second home buyers. However, after an exceptional March, there is now a severe shortage of properties on the market, with fierce competition between buyers for each available property.’


The LSL/Acadata report follows reports from Halifax and Nationwide earlier this week that suggested the market is steadying following the surge in transactions ahead of the Stamp Duty surcharge introduced on April 1.

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