House price rises to an average of £292,000

london-property-fallHouse prices in England and Wales have risen by nearly £18,000 last year, an average rise of nearly £1,500 a month. The average house price is now £292,077, up 6.6% annually. London prices rose 11% year on year. Sales in December were the strongest since 2006, up 7.1% year on year.

Adrian Gill, director of Reeds Rains and Your Move estate agents says: “The housing market has enjoyed some smooth sailing in the past year, rewarding homeowners and supporting the desire to own our own homes. The strong house price growth may ring up the existing homeowners to move up of the property ladder in this year. If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 mark, having reached £250,000 in December 2013.”

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