17 Jan

Property prices shows slow start for 2017

Property prices shows slow start for 2017

Property prices have risen by 0.4 per cent at the start of 2017, according to new figures.

This is slight below the 0.5 per cent increase seen at the beginning of last year, however, asking prices are now 3.2 per cent higher than 12 months ago.

Rightmove’s latest property index shows the average property price in England and Wales is now more than £300,000 and there has been strong growth in a number of regions.

The South-East saw the largest increase with prices climbing by 1.5 per cent to total £404, 804 for the average home - making a 5.5 per cent increase over the year.

Greater London also saw a rise of 1.4 per cent at the start of 2017, with prices now 2.3 per cent higher than a year ago.

However, prices fell by 2.2 per cent in the South West and 1.4 per cent in the West Midlands – although both regions saw higher asking prices compared to the start of 2016.

Miles Shipside, Rightmove housing market analyst, stressed that it was hard to compare years given the recent stamp duty changes for second-home owners and property investors as buyers rushed to complete before the new laws were introduced in April 2016.ADNFCR-1222-ID-801831147-ADNFCR

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