AVERAGE house prices in England and Wales climbed £1,200 in April, a monthly change of 0.5 percent, according to new data from the LSL house price index.
The average price of a home reached a new record of £263,113 – £54,000 above the recession low point in April 2009. The index also showed that house sales were up 40 per cent year on year, with 72,000 transactions in April alone.
The firm also revealed that sales activity was being fuelled by both increases in first time buyer activity and buy to let landlords and growth is not confined to London and the South East – with East Anglia now seeing prices exceeding pre-recession highs.
David Newnes, director of Reeds Rains and Your Move estate agents, owned by LSL Property Services, said that sales in April returned to more normal levels.
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Activity was largely being fuelled by increasing numbers of purchases by first time buyers as consumer confidence swept the country.
Low inflation and healthy wage growth were energising household finances and infusing aspiring buyers with greater optimism, he said.
He also drew attention to the fact that while London may be forging the way with 13.2 per cent annual house price growth, the rest of the country was also seeing growth.
The North was up 3.7 per cent, and Yorkshire and Humber up 3.5 per cent, while East Anglia had seen prices rise by 2.9 per centyear on year.
In a key indicator of the vigour of the recovery, over the last 12 months prices have risen in 89 per cent of the unitary authorities across the country.