The latest Chartered Surveyors House Price Index from e.surv shows that the average price of a home in Wales and England for the year up until June rose by 10.7% compared with the same period last year.
This comes in the wake of the figures that were released last month, which showed a 13.4% year-on-year rise in the average price of a home. When a monthly comparison is made, the figures indicate that Welsh and English house prices went up by 0.8% from May to June, with all of this providing clear evidence that the housing market bubble continues to grow.
In regional terms, it is the North West that has seen the most striking house price growth during the past nine months, while if prices in London are removed from the data, the annual house price growth throughout the country is closer to 14%.
Talking to Mortgage Introducer, e.surv Director Richard Sexton stated that the company’s figures revealed a rise of £32,500 in the English and Welsh average house price, before going on to add that:
“It is now 14 months since any of the areas in our index have recorded a fall in house prices, and this is while the UK economy has been under the severest pressure it has faced in living memory.”
Sexton added that widespread economic optimism and the stamp duty extension were causing this continued rise in prices.
The ongoing house price boom should encourage more people to take CeMAP training and enter the industry as mortgage advisors.