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Price rises moving to regions and away from London and South East

12 Jun 2015

In data just released by LSL Property Services/Acadata*, the average house price in England & Wales now stands at a record £277,178 - a rise of 0.4% in May. This contrasts with a rise of 1.2% a year earlier, indicating that prices are rising at a slower rate

However, price increases are now accelerating in the areas that were previously lagging. For example property values in the North are still 4% lower than pre-crisis years, but this region is now experiencing the fastest increase in prices - up from 2.3% in March to 3.6% in April. Prices are also starting to rise faster in the North West, South West and East Midlands.

In contrast, London prices were rising at an annual rate of 20.7% in the summer of 2014, but are now rising at an annual rate of 2.4%. In fact, on a monthly basis, London prices have dropped for the third consecutive month - primarily affecting the most expensive boroughs - as the effect of higher stamp duty on properties over £1m is felt.

For the full release, including the monthly and annual price changes in your area, see here

*LSL/Acadata house price index incorporates all actual transactions, using figures from the Land Registry Office

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