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Tuesday, 22 March 2016

England & Wales house prices beyond £300k

300 Gs

The average asking price in England and Wales has surged to beyond £300,000 for the first time, according to Rightmove's index for March 2016.

The £3,903 or 1.3 per cent jump in March was the second strongest March result since the credit crunch, as buyers scramble to beat the April 5 deadline for budgetary changes. 

House prices are up by 50 per cent or £100,000 over the decade comfortably outpacing wages growth.

This compares with enormous growth of 114 per cent for the English capital city, London.

Asking prices in London also racked up another all-time high in rising by £67,737 or 11 per cent year-on-year to £644,045.

Over the past year the fastest growth in asking prices was once again found in Greater London (+11 per cent), but generally price growth now appaears to be rippling out to the regions. 

Meanwhile, price growth across London boroughs is diverging, partly in response to stamp duty changes.

Six of the ten regions recorded record high asking prices this month. 

According to ONS data, since 2010 London house prices have increased at a faster pace than those of every other city except for one - adjacent Cambridge.