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TODAY'S OTHER NEWS

September sales and prices hit eight-year high

Last month was the strongest September for home sales since 2007 as the property market enjoyed an Indian summer.

The growth was largely driven by activity in the North, as a shortage of supply held back sales in the South.

Prices are rising again in the South East, which saw the strongest year-on-year rise of any region.

The new figures from Reeds Rains and Your Move estate agents also showed that the London housing market is back on track, recording its biggest monthly price boost since June 2014.

Overall, average house prices across England and Wales have risen £11,500 in the last year, after 42 months of annual growth

This takes property values to a ninth consecutive record high this year, standing at £284,742.

Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The speed of house price growth across England and Wales may not be setting the world alight, but it’s certainly showing it has stamina.

“This growth is primarily being underpinned by sturdy demand and solid activity at the bottom of the property ladder.

“The most frequently paid property price across England and Wales is just £125,000, reflecting the impetus that has been injected in the first-time buyer market recently.

“Lower to mid-range properties priced between £180,000 and £360,000 are seeing the fastest increases in value, while the shift in stamp duty bands continues to slow growth at the higher end of the market, and prices above £600,000 are largely stationary."

Growth in London was driven by more affordable areas, Gill said.

“Strengthening of sterling, rising stamp duty rates and moves against non-doms have taken their toll on the high-end market.”

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