The UK property market has been experiencing strong conditions for over a year now, but it's been since the turn of 2014 that it really has come into its own, a new report has shown.
For the first 11 months of 2014, we have seen property prices climbing time and again, and according to the latest findings from LSL Property Services, this has meant that the last 12 months have been the strongest seen in the British property sector for nearly a decade.
Persistent monthly increases across the whole of 2014 have meant that the rate of price growth is now at its strongest since before the financial downturn affected the market. Figures show that the latest level of growth, 0.8 per cent in November, took the nationwide average house price as high as £280,733.
This means that annual growth has now hit an average across the country of 11.3 per cent. It is the fastest that prices have increased in any 12 month period since 2005. Improving financial conditions for individuals and the supply and demand imbalance that has been in evidence throughout the last year, have meant that prices have been climbing time and again.
London and the south-east remain the strongest areas of the country as well. Without these two in the mix, the annual rate of increase falls to 5.7 per cent, which is still one of the fastest in the past few years.
"Annual house price growth across England and Wales has more than doubled over the last 12 months, accelerating from 5.4 per cent in November 2013, to 11.3 per cent during the past year," said David Newnes, director of Reeds Rains and Your Move estate agents.
Speaking of the health in London at present, he said: "After a temporary hiatus at the highest tiers of the property market, growth has rallied again in the capital with values in prime spots such as Kensington and Chelsea, and Hammersmith and Fulham surging 5.3 per cent over the course of the month, hitting new price records along the way."