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Welsh house prices outpace rest of UK

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  • 18/06/2013
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Welsh house prices outpace rest of UK
Properties in Wales have seen the biggest increase in house prices over the last 12 months, according to new research.

Data from the Office for National Statistics found that Welsh house prices jumped 6.2% in the 12 months to April to reach an average of £162,000.

This rise was ahead of London (6%) and the East Midlands (3.6%), which also saw increases in house prices above the national average.

The overall picture for England was positive with all regions barring the North East seeing growth in house prices. However both Scottish and Northern Irish prices tumbled, falling 1.2% and 0.8% respectively across the year.

At the end of April the average house price in England was £247,000 compared to £177,000 in Scotland and £127,000 in Northern Ireland.

Giles Hannah, managing director of London agency VanHan, said: “The national average figures demonstrate a clear divide between London, the home counties and then the UK as a whole. In London, house prices will likely continue an upwards trend over the next three years owing to the severe lack of supply of new homes actually ready and completed.

“Agents are concerned that UK homeowners are not moving but taking a ‘wait and see’ approach because they can’t compete with wealthy international buyers who have exchange rate advantages. Demand for property may be high but there are very few UK transactions taking place and agents have little new stock to sell. This position is hardly likely to improve over the summer months.”

Andy Knee, chief executive of LMS, added: “Despite the fact that house prices across the UK are remaining reasonably stable, the 6% rise witnessed in the capital has seriously affected the overall average. Therefore, the 2.6% year-on-year increase announced this morning does not accurately represent what is happening in the market as a whole.

“The primary issue for most, especially first-time buyers, is sourcing the deposit. The introduction of the government’s Help to Buy scheme will undoubtedly instigate a rush of activity, so if you have the means, or particularly generous family members, it would be advisable to get in now.”

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