HM Land Registry: Average house price reaches £274,615
An annual price rise of 10.2% has increased the average property value to £274,615, according to the HM Land Registry UK House Price Index.
Average prices have risen by 1.7% since February 2021.
In London, house prices have risen by 1% since February 2021.
In Wales prices have risen by 3.1% since February, while an annual price rise of 11% has taken the average property value to £185,431.
Yorkshire and the Humber experienced the greatest regional monthly price rise, up by 3.4%, while the South East saw the lowest monthly price growth, with a fall of 0.9%.
Yorkshire and the Humber also experienced the greatest annual rise, by 14%. Meanwhile, London saw the lowest annual price growth, with a rise of 3.7% taking the average property value to £500,310.
The lowest number of repossession sales in January 2021 was in the East of England and the South West, whereas the highest number was in the North West.
There were 18 repossession sales for Wales in January 2021.
Nick Barnes, head of research at Chestertons, said: “March was a record month that saw the highest transaction numbers in England ever recorded and the second highest monthly stamp duty tax take.
“Buyer motivation was driven by the stamp duty holiday deadline and the relaxation of lockdown restrictions.
“There was also an element of anticipation for the imminent introduction of the government’s new Mortgage Guarantee Scheme.
“Non-resident buyers had the additional incentive to beat the deadline for the introduction of the 2% stamp duty surcharge from the beginning of April.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “March should have been the month when the stamp duty holiday came to an end and the housing market mini boom started to fizzle out but prices continued to surge.
“With the holiday now extended, and lockdown restrictions continuing to ease, buyers have been given another opportunity to take advantage of the saving.
“With property prices in Yorkshire and the Humber continuing to outpace London as people no longer have to be in the capital as much as before, one hopes we end up with a more balanced housing market across the country.
“However, while property prices are rising much faster outside the capital, values in London are still significantly higher than elsewhere in the country and getting on the housing ladder there remains a challenge.
“The continuing expansion of 95% LTV mortgages will help with that and with Nationwide entering the fray this week with some competitive rates, there is even more choice for borrowers.
“Lenders have plenty of cash and are keen to lend, as evidenced by TSB’s sub 1% 2-year fixed rate for those remortgaging, which was launched last week.
“With swap rates flat, it’s hard to see interest rates rising anytime soon, which is good news for borrowers although the impact of the pandemic means that some, such as the self-employed, still have to jump through hoops when it comes to getting a mortgage.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “We are finding that acceleration of the rollout of the second jab in particular is encouraging many older owners to put properties on the market but not fast enough to restrain prices.
“However, we are already seeing signs of softening, not a correction, as some solicitors are refusing to take on new conveyancing work if buyers expect them to complete by 30 June and benefit from that stamp duty saving, or they are raising their charges significantly.
“Although a little dated, this most comprehensive of all the property market surveys does illustrate an appreciation during lockdown of the desire for more space, fuelled by the stamp duty holiday extension and shortage of stock.”