House prices increase £18,000 in 2015
- Average house prices in England and Wales grew 6.6% annually, up £17,963 since December 2014 to reach £292,077
- But property values in Central London fell by 8.7% on average during 2015, dragged down by higher Stamp Duty
- Outside of these top five Central Boroughs, London experienced 11% boost in house prices year-on-year
- East Midlands jumps to second in regional rankings, driven by a 10.6% annual rise in Nottingham’s house prices
- Strongest December for sales since 2006, up 7.1% year-on-year as buyers compete for fewer homes on the market
Adrian Gill, director of Reeds Rains estate agents, comments: “The housing market has enjoyed some smooth sailing in the past year, with a steady 6.6% growth in house prices during 2015 rewarding homeowners and reinforcing our collective desire to own our own homes. The typical home across England and Wales is now worth £17,963 more than at the end of 2014, with new price records established every month throughout 2015 after twelve consecutive monthly rises. December also marks the highest year-on-year house price growth for ten months, and this may well prompt existing homeowners to move up to the next rung of the property ladder in 2016, freeing up homes at the bottom for first-time buyers. The rising tide of property prices has been propelled so far by a sinking supply of houses coming onto the market, compared with increasing enquiries from potential buyers eager to clamber aboard the property ladder. If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 watermark, having reached £250,000 in December 2013. Property price rises have certainly left the recession in their wake, with house prices passing the £200,000 milestone only in October 2005.