September sales at eight-year high
- Strongest September for home sales since 2007, driven by activity in the north as supply squeeze stalls sales in the south
- But there’s a southern resurgence in price growth, with the South East seeing strongest year-on-year rise of any region
- London housing market back on track, with capital recording its biggest monthly price boost since June 2014
- Overall, average house prices across England and Wales have risen £11,500 in the last year, after 42 months of annual growth
- September’s monthly price increase takes property values to ninth consecutive record this year, standing at £284,742
Adrian Gill, director of Reeds Rains estate agents, comments: “The speed of house price growth across England and Wales may not be setting the world alight, but it’s certainly showing it has stamina – September marks the 42nd successive month of positive annual growth. Typical property prices are now £11,500 (4.2%) higher than a year ago, and house price growth continues to outdo rises in wages and consumer prices. In September the average home value in England and Wales rose to reach £284,742, a healthy £1,231 (0.4%) monthly boost from August, setting the ninth new price record this year.
“This growth is primarily being underpinned by sturdy demand and solid activity at the bottom of the property ladder. The most frequently paid property price across England and Wales is just £125,000, mirroring the level at which stamp duty becomes payable, and reflecting the impetus that has been injected in the first-time buyer market recently. It is also the lower to midrange properties priced between £180,000 and £360,000 which are seeing the fastest increases in value, while the shift in stamp duty bands continues to slow growth at the higher end of the market, and prices above £600,000 are largely stationary.