Study shows continuing recovery in house prices

A new study has found that lack of supply and growth in London has driven up the national average house price by 0.5% for the second month in a row.

The latest increase marks the ninth consecutive month to see rises and pushes prices across England and Wales 3.1 per cent higher than at this time last year.

The study by Hometrack showed the number of homes up for sale fell by 1.6 per cent in the past month, while there was a 2 per cent increase in buyers registered with agents.

A lack of properties means the gap between asking price and that achieved is also closing as buyers pay a larger proportion of the asking price to secure a sale.  The proportion of the asking price being achieved has jumped to 95.2 per cent, not far off the highest recorded 95.7% in June 2007.

The report suggested that Government schemes including ‘Help to Buy’ which is aimed at increasing access to mortgages have encouraged more people to buy property, alongside the recovery being seen in the housing market.

If you’d like information about residential conveyancing when buying a new home please contact Sharon Sangha at Lawson-West on 0116 212 1000.

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