House prices across England and Wales soar by 4.8% to hit a new record high of £303,200
The West Midlands has cemented its position as the UK’s property hotspot, leading annual house price growth for the third month running
HOUSE prices across England and Wales have reached a record high, with average prices in May peaking at £303,200.
Over the past 12 months, the value of the average home has risen by 4.8 per cent, new data shows.
According to an index by estate agents Your Move and Reeds Rains, while there has been a "sharp" slowdown in house sales in London and the south east, this has been offset by strong performance in the north - with a clear north/south divide showing.
The West Midlands has now cemented its position as the UK’s property hotspot, leading annual house price growth for the third month running.
Prices there are up 5.1 per cent in the year to April, despite a fall of 0.7 per cent over the month.
Shropshire, where prices have increased 7.4 per cent annually, continues to lead growth in the region.
The report mirrors similar studies that show house prices in the north are rising quicker than in the south.
According to a property price index published in March, house prices in Liverpool, Birmingham and Manchester are rising more quickly than in the capital.
In London, sales in the three months to the end of April were 29 per cent lower than the same period last year.
And while prices continue to rise, up 2.7 per cent in the year to April 2017, this is the second lowest annual rise seen in London since March 2012.
The average price in the capital at the end of April stood at £615,838, up 0.1 per cent from March.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “The market remains resilient and there’s encouraging activity in the north, but we need to urgently address the serious blockages in house building holding back labour mobility and economic competitiveness in too many areas of the country.”
She added that with the general election now over, the focus must be on meeting the manifesto promises – building more homes for those that need them and addressing issues in relation to the lettings market.
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