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House prices jump £1,500 every month

House prices in England and Wales have risen by nearly £18,000 in the last year, an average rise of nearly £1,500 a month.

The average house price is now £292,077, up 6.6% annually.

Property values fell in central London by 8.7% last year, dragged down by stamp duty on properties costing more £1 million.

Outside of the top five central boroughs, London prices rose 11% year-on-year.

Sales in December were the strongest since 2006, up 7.1% year-on-year as buyers compete for fewer homes on the market.

Adrian Gill, director of Reeds Rains and Your Move estate agents, which produced the figures, said: “The housing market has enjoyed some smooth sailing in the past year, rewarding homeowners and reinforcing our collective desire to own our own homes. 

“The typical home across England and Wales is now worth £17,963 more than at the end of 2014, with new price records established every month throughout 2015 after 12 consecutive monthly rises."

Gill said strong house price growth may prompt existing homeowners to move up the next rung of the property ladder in 2016, freeing up homes at the bottom for first-time buyers.”

“If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 watermark, having reached £250,000 in December 2013.

“Property price rises have certainly left the recession in their wake, with house prices passing the £200,000 milestone only in October 2005.”

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