The average price of a property in England and Wales has now broken through the £300,000 barrier, with middle-England and the South West recording the highest growth.
According to the latest Your Move house price index, the average house price is now £301,278, a 3.3% increase since last year and up 0.5% since February.
In February house price inflation fell to 3.1%, down from the 4.7% of the previous month – the largest decline in a single month since December 2010.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “House price inflation continues but at a relatively low, though still positive level. From May 2016 onward, there has been a relatively gentle and almost straight-line increase in house prices, despite the Brexit referendum in June 2016.
“There is little in the short-to-medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer confidence strong. In addition, first time buyer numbers are up, not least as a consequence of government schemes and the Bank of Mum and Dad.”
The West Midlands has become the region with the highest rate of annual house price growth at 4.8% – the first time it has taken the top spot since Your Move records began 21 years ago.
In second place was the East of England (4.5%), followed by the South West (4.0%), the East Midlands (3.9%).
However, despite eight out of 10 UK regions recording new peak average prices, growth continues to slow in London (1.5%) and the South East (3.5%).
The number of housing transactions in March in England and Wales is estimated at 78,500. This is a notable 26% uplift in sales on February’s total, which appears high, but is in line with the average seasonal increase that takes place in March of most years.
“With supply still tight, rising house prices remain a problem. We therefore cannot afford to overlook the ongoing housing shortage in the UK, which continues to dampen the hopes of many would-be homeowners,” Blake said.
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