Mini property boom hits Wales and parts of England, with house prices up by more than 9%

House prices in the South West of England, Wales and the East Midlands have spiked by more than 9 per cent in the past year, more than three times the national average. 

Data released by property website Rightmove shows that the average house price in the South West of England now stands at £353,213 (up 9.5 per cent), while its £232,440 in Wales (up 9.4 per cent) and £264,554 in the East Midlands (up 9.1 per cent).

Looking at the overall picture, the national average price for property coming to market hit a new all-time high this month, after rising by 0.3 per cent (+£1,091) from August to £338,462.

House prices in the South West of England, Wales and the East Midlands have spiked by more than 9 per cent in the past year, more than three times the national average

Other regions seeing a significant lift in property prices over the past year include the East of England, the South East and the West Midlands, which are up 8.9 per cent, 8.5 per cent and 6.9 per cent respectively. 

London saw the smallest increase, with the average house price only climbing 0.8 per cent over the past 12 months to £638,285. 

In terms of boroughs, Rightmove found the biggest riser in the capital was Barking and Dagenham, with the average property price up 5.7 per cent year-on-year to £346,594. 

At the other end of the scale, the average house price in Islington dipped 5.7 per cent to £739,033.

At the other end of the scale, the average house price in Islington dipped 5.7 per cent to £739,033

Property experts say that the price increases outside of the capital have been fuelled by a ‘lack of stock’, as people looked to relocate to more rural areas during the pandemic. 

Buyer demand per property for sale climbed to more than double pre-pandemic levels. 

Commenting on the trend, Glynis Frew, CEO of national estate agents Hunters, said: ‘Even with the window of stamp duty savings in England slipping away as September 30 approaches, demand is roaring with buyers who lost out on properties earlier in the year desperate to secure their move, even if they do have to pay more in stamp duty. 

‘While the Autumn may be slightly quieter, the desire to change our lifestyles due to the pandemic and new working trends isn’t likely to fade, so we anticipate activity levels remaining higher than usual. 

‘Large deposits and no chain have always been preferable, but this has been amplified in the current market. 

‘With so much competition, sellers can easily discount those who aren’t in the most powerful position to proceed on a purchase. It is imperative that buyers have their finances lined up before making an offer.’ 

Looking ahead, Rightmove says there are ‘early signs’ of a better-balanced autumn market with more homes coming up for sale to help with buyer choice.

The number of new listings in the first two weeks of September were 14 per cent higher than the last two weeks of August. 

This post first appeared on Dailymail.co.uk