The average property price in England and Wales rose by 0.5% month-on-month and by 3.3% year-on-year, according to the latest report from Your Move.
This has taken the average house price in these countries to £301,278.
Property Price Rises
Eight in ten regions saw new peak price averages, with the West Midlands seeing the largest rate of annual house price growth at 4.8%. However, the South East has seen price growth continue to fall.
This was the first time that the West Midlands has taken the top position in annual price growth since the Your Move records began in January 1996.
Birmingham is seeing a new peak in property prices, with annual rises of 7.8%.
In Wales, average property prices rose by 0.8% month-on-month and by 1.6% year-on-year to hit an average of £175,864.
Greater London saw average property prices increase to hit £606,783. The lowest priced boroughs such as Bexley, Havering and Croydon are seeing the greatest growth in prices. On the other hand, high-priced boroughs such as Kensington and Chelsea are seeing falls.
During February, the top eleven boroughs by value saw prices slide by an average of 0.5%, while the bottom eleven saw prices rise by 0.4%. This was in comparison to annual growth of 0.8% and 5.5% respectively.
Overall house price inflation slipped to 3.1%, down from 4.7% in the previous month.
Oliver Blake, managing director of Your Move and Reeds Rains, observed: ‘In England and Wales, house price inflation continues but at a relatively low, though still positive, level. From May 2016 onward, there has been a relatively gentle and almost straight line increase in house prices, despite the Brexit referendum in June 2016.’
‘There is little in the short to medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer confidence strong. In addition, first time buyer numbers are up, not least as a consequence of government schemes and the Bank of Mum and Dad,’ he continued.
Concluding, Blake said: ‘However, with supply still tight, rising house prices remain a problem. We therefore cannot afford to overlook the ongoing housing shortage in the UK, which continues to dampen the hopes of many would be home owners.’