House price growth continues in England and Wales
Mon 02 Jun 2014
Date: Tuesday 3rd June 2014 Residential property prices in England and Wales have increased at their fastest pace in almost four years, according to the latest figures from the Land Registry. The average price of home was 6.7% higher in April than a year earlier, with property prices now stood at 172,069. Property price gains were once again led by London, where the average price of a property rose by 17% year-on-year to 435,034, including a 4.2% gain in April - the highest monthly rise since records started 19 years ago. In stark contrast, prices rose by just 2.9% in the North East to 99,001, illustrating the fact that property prices are making steady gains outside of the capital. Peter Rollings, CEO of Marsh & Parsons, comments: "2014 saw one of the busiest starts to the year, and up against such limited housing stock and fierce competition for available properties, buyers were left with very little breathing space." But Rollings expects the housing market to slow in the coming months and is urging sellers to adapt to what he described as "cooling conditions". The prospect of a more stable property market will please many prospective homebuyers who have seen prices rise, in some cases sharply, across many parts of the country of the past year.