News
House prices now £54,000 above recession low
The average house price in England and Wales is now
The property firm said the typical property was now valued at £263,113 following a 7.3% rise in the last 12 months. House prices were up more than £1,200 on the previous month.
London house prices continued to bubble up, growing 13.2% in the year from April 2013.
The number of housing transactions has also risen sharply with 40% more house sales in April than a year ago.
LSL said this increase was fuelled by a greater number of first-time buyers and buy-to-let landlords coming to market.
Richard Sexton, director of e.surv chartered surveyors, said: “Average prices across England and Wales have risen £1,200 during April, setting a new record. Prices have now climbed over £54,000 (26%) above the recession rock-bottom of April 2009, when the nation was gripped in the gloomy depths of the financial crisis.
“Activity is largely being fuelled by increasing numbers of purchases by first-time buyers and buy-to-let landlords, as consumer confidence sweeps the country. Low inflation and healthy wage growth are energizing household finances, and infusing aspiring buyers with greater optimism.”