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Property prices continue to rocket in Thurrock

The commuter towns of Slough, Luton and Reading are Britain’s latest property hotspots, with annual price growth running at up to 19%, according to new official data reports The Guardian. The latest figures from the Land Registry also reveal that the average cost of a home in England and Wales stood at 190,275 in February. This is 6.1% higher than a year earlier, but down slightly on the January figure of 191,812. Nevertheless, housing charity Shelter pointed out that wages in England and Wales only rose 1.6% in the past year. It warned that for millions of ordinary families who were priced out of the market, “these sky-high house prices mean the dream of a place to call home is fast becoming nothing more than a fantasy” The figures showed that annual price growth in London is running at 13.5%, more than double the national average, with the typical price of a property in the capital now 530,368. However, several towns and areas notched up stronger growth than that: Slough in Berkshire topped the table with a 19% annual increase, lifting the typical price-tag to around 236,000. In Luton in Bedfordshire, property values are up 17% on a year earlier, taking the average to 169,000, while in Reading, also in Berkshire, prices are up 14.6% in a year, with the typical price there now 270,000. The figures provide fresh evidence that buyers priced out of London are switching their attention to more affordable areas within commuting distance. Another area which has seen an influx of Londoners looking for cheaper property options is the Essex borough of Thurrock, which includes the towns of Grays, Tilbury and Purfleet. The rate of annual price growth in Thurrock in February stood at 17.2%, with the average price there said to be around 194,000. Commenting on the data, David Brown, chief executive of estate agent Marsh & Parsons, said: “An overall monthly dip in property prices in February disguises the fact that the majority of regions are experiencing striking growth. In the capital, annual growth has climbed to comfortably double the wider England and Wales average.”

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