Average house price in England and Wales reaches in excess of £300,000

Average house price in England and Wales reaches in excess of £300,000 [Photo: apomares via iStock]

A strong start to 2017 for the UK property market has helped to push house prices up past a new landmark price, according to the latest reports released by LSL Property Services and Acadata. 

It said in its latest index that for January 2017, the average property price across England and Wales rose by 0.3 per cent when compared to the end of 2016. In addition to this, prices experienced a rise of some 3.1 per cent over the same month a year ago. 

This means that property prices across England and Wales have now topped £300,000 for the first time, hitting £300,169 across the two nations. Annual house price rises are even more impressive when we consider the fact that the number of transactions across England and Wales was down by around 2,000 when compared to the same month in 2016. 

The best house prices over the course of the last year were experienced in Barking and Dagenham, where prices were up by 13.6 per cent annually, while this was followed by the East of England, which experienced an annual increase of some 7.1 per cent. 

Oliver Blake, managing director, Your Move and Reeds Rains estate agents, hailed the early part of the year and said it was a good indicator that the market may perform well throughout the coming months. 

"It’s been a confident start to the year from the housing market. Following a strong December, the performance in January shows a market whose resilience continues to defy the doubters," he said.

In the past 15 years, house prices across England and Wales have now managed to double, which is an impressive statistic for the market given that it suffered something of a crisis in the 2007-2008 period, when financial downturn struck.