It was the strongest March for home sales since 2007 as investors rushed to beat the stamp April stamp duty deadline, according to Your Move and Reed Rains.
New data from the agents shows that the number of property transactions went up 30% in March, with 80,000 properties sold during the month.
House price growth accelerated by 6.9% annually, taking the average price of a property to new high of £291,650.
London recorded the fastest growth of any region with house prices climbing 8.2% over the year, an increase of £44,548.
Meanwhile Bath and North East Somerset saw the largest March pick-up in property prices, jumping 5.3% (£18,603) month-on-month.
Adrian Gill, director of Your Move estate agents, said: “This spring, with a frantic flurry of activity, the housing market has come to life. As a result of the impending stamp duty hike, this has been the strongest March for home sales in nine years. The surge was widespread across England and Wales, with a 30% upswing in transactions since February. This goes beyond any normal seasonality, with second home and buy-to-let investors rushing to beat a bigger tax bill.
“The green shoots are resplendent right across the country, with 73% of local authorities in England and Wales experiencing a monthly upswing in home values – the highest proportion of areas seeing positive property price rises since July 2014.
“This will be welcome news for homeowners, who now have a fantastic opportunity in the current sellers’ market. The pervasive shortage of homes on the market is still driving up values, as buyers have to compete for each available property. If they are going to make it easier to get a foot on the property ladder, the government will have to double-down on its help to first-time buyers, or let up on landlords.”
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