House prices ‘rose in every region last year’

Tue 08 Mar 2016

Homeowners in every area of the UK have benefited from rising house prices in the last year, with the average property increasing in value by 7.1 per cent.

New figures show the typical price of a home is now £191,812, up from £179,096 12 months ago.

Kevin Shaw, national sales director at property specialist Leaders, says: “House prices continue to head upwards, recording consistent and significant growth in the last year.

“Many people are unaware of just how much their home is now worth and, as a result, what they stand to gain by selling in a buoyant market. Demand is extremely high and many properties are being sold within a few days of becoming available.”

House prices rose in every region in England and Wales, with homeowners in some areas enjoying particularly sizeable increases. For example, properties in London grew in value by 13.9 per cent over the last year, according to the Land Registry statistics.

Homes in the south-east recorded a 10.7 per cent rise, while there were similarly positive results in the east of England (8.9 per cent), Wales (6.8 per cent), West Midlands (6.6 per cent) and south-west (6.2 per cent).

As well as location, the type of property in question was found to play a key role in determining its capital growth over the year.

Flats performed strongest of all, increasing in value by an average of 8.2 per cent to reach a typical price of £187,160.

Kevin adds: “Flats provide a great option for many first-time buyers, who benefit not only from owning their own home, but also a property that is likely to go up in value quickly.

“With flats outperforming other types of property over the last year, it makes sense for owners to think about selling up now if they wish to move up the ladder as the gap between flats and houses has narrowed.”

For more information on getting the best price for your home, contact your local Leaders branch.