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Northern home sales boost UK market

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  • 14/08/2015
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Property sales have surpassed 2014 figures for the first time, boosted by strong growth in the north of England.

Data from the latest LSL house price index showed a 13% boost in home sales during July, thanks to the northern market. Transactions in these areas grew 29% compared to the first quarter of the year.

House prices continued to rise and this survey found increases in every region of England and Wales. East Anglia led the way with prices growing 6.3% in the last year followed by the South East and East Midlands, where prices increased by 5.9%.

Areas around the forthcoming Crossrail line saw prices increase dramatically. In Reading, property prices were up by 15.2% in the past year, the fastest rise across the country.

However, house price growth in Greater London has slowed dramatically with property prices rising just 1.8% in the last 12 months. Only Wales and the North of England have grown slower – both 1.7%.

The average price across all of England and Wales is now £279,515, the research found.

Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The property market may have moved down a gear, but house prices are still putting one foot in front of the other. These more pedestrian monthly price rises of late have nonetheless carried the average house price past the checkered flag, to a new record £279,515.

“Six regions of England and Wales have seen accelerations in the rate of house price growth, with East Anglia moving into the fast lane after an annual rise of 6.3%. The housing recovery is cruising along comfortably across the country, and in 27% of the local authority areas of England property prices are at new peak levels – encompassing Warrington, the West Midlands, Milton Keynes, Bristol, and Devon,” he added.

“House prices in Reading have seen the steepest rise over the past year, up 15.2%. On the route of the new London Crossrail, property values here are already stepping on the gas to capitalise on direct train lines into the City of London from 2019, and the average price for a flat has soared 20% over the last twelve months, to reach £215,000.”

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