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Wales Tops the List of Monthly House Price Growth

Wales experienced the strongest monthly house price growth of all the regions, as property values rose by £13,265 in February, according to a new index.

Wales Property Investment

Wales experienced the strongest monthly house price growth of all the regions, as property values rose by £13,265 in February, according to a new index.

The report compiled by online listing page Rightmove revealed that Wales experienced a month-on-month increase of 8.1%, seeing the highest house price rise this month, with the average asking price now standing at £171,628.


The North East followed with a monthly change of 4.1%, while the West Midlands and Yorkshire and the Humber both experienced an upswing of 3.5%.


In England and Wales, the average house price increased by 2% month-on-month, increasing from the 0.4% growth recorded in January.


The annual increase in the average house prices for England and Wales was the lowest since April 2013, with prices rising year-on-year with 2.3% in February, dropping from the 5% average seen in February for the last five years.


With a year-on-year price increase of 4.9%, the East Midlands was the region with the highest annual growth, followed by the East of England and the West Midlands - which recorded an upswing of 4.8% and 4.6% respectively.


The report pointed out that last year’s house prices were boosted by buy-to-let investors trying to beat the stamp duty changes, before they came into effect in April 2016.


As a result, Rightmove advised that the increase in house prices will look more subdued this year in comparison, despite the demand on the market remaining strong.


Commenting on the Rightmove index, Jeremy Duncombe, director at Legal & General Mortgage Club, said:


‘The housing market has always experienced monthly fluctuations in the price of property, so today's results are no real shock, particularly as the annual figures continue to show house prices rising over the course of the year.’


Earlier this week the Office for National Statistics revealed that the value of UK property assets rose by £15,000 in December after experiencing a 7.7% annual increase.

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