LSL Property Services and Acadata - England & Wales House Price Index, February 2016
- Average property prices jump 0.8% (£2,277) on a monthly basis in February – double the rise seen in January
- Demand from landlords and second-home buyers contribute to a surge in homes sales, up 12% month-on-month
- Strongest sales in Sandbanks, with property purchases in Poole up 21% year-on-year due to demand for luxury flats
- London house prices rise £36,903 (6.8%) in the past year, exceeding the average Londoner’s £35,333 annual salary
- Hull’s house prices up 0.9% in a month to hit new record of £111,409, boosted by new jobs and City of Culture status
Adrian Gill, director of Reeds Rains estate agents, comments: “House prices flew forwards in February, with the average home value in England and Wales increasing 0.8% (£2,277) during the month, equal to an average increase of £79 each day. This is double the 0.4% monthly growth seen in January, which could be as a result of buy to let investors rushing to complete quickly to avoid April’s additional 3% Stamp Duty surcharge, which has also seen sales shoot up 11.8% since January. February’s house price growth is fantastic news for homeowners, particularly those considering cashing in on the additional demand and making the most of this sellers’ market. Typical property values are now £16,866 (6.2%) higher year-on-year; the fastest annual growth rate seen in eleven months, driven by the gulf in the number of aspiring home buyers, compared to the limited supply of homes for sale.