Annual house price growth across England and Wales reaches 13.4%

Annual house price growth across England and Wales hit 13.4% in May, according to the latest e.surv House Price Index.

Figures showed that English and Welsh house prices also saw a 0.5% rise on a monthly basis in May, to take the average price to £343,658.

However, the index suggested that the monthly price increases over the last three months are the lowest since June 2020, which e.surv stated could be a reflection of the rapidly approaching end of the stamp duty holiday.

e.surv director, Richard Sexton, still highlighted that the housing market is continuing to enjoy the effect of the stamp duty holiday.

“Buyers are still striving to complete purchases in time to benefit from the maximum tax break ahead of the change in June to a tapered deadline,” Sexton commented.

e.surv’s data also indicated that regionally, there has been continued price growth across Wales and all nine English regions.

“Prices performed particularly strongly in the North West which achieved its highest rate of annual house price growth,18.4%,” Sexton added. “Growth in the North West is underpinned by activity in both Greater Manchester and Merseyside, where prices are increasing at a staggering annual rate of 20.9%.

“London and the South East have also seen growth, although at a lower level. It should be remembered that London property prices have already experienced a boom in the years following the global financial crisis, a rise not experienced by many other UK regions.”

e.surv’s index also highlighted its property type data, which indicated a shift in the kind of homes that buyers are looking for.

Sexton continued: “Working from home has encouraged interest in larger homes with gardens outside city centres. The demand for flats in central and inner areas of London and other cities has not been as strong as for other types of homes due to lifestyle changes and new working arrangements, alongside the absence of overseas buyers in prime central London due to COVID restrictions.”

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