House prices £34,000 above pre-crisis peak
Over half of that value (£17,340) was added in the past year, following annual rise of 6.8%
On a monthly basis house price increases remain slow and steady, standing at 0.5%.
Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “So far in 2015, completed home sales are 9% lower than over the same period twelve months ago, but demand hasn’t faded out of view.
“February still marks a 4% improvement on January activity levels, and in recent weeks, we’ve seen agreed sales climb above 2014 levels, as activity comes into focus.”
When London and the South East are taken out of the equation house price growth averages at 4.6%
Gill added: “After storming ahead of the rest of the country in the whirlwind of last year, the conditions have calmed in London and the South East.
“The capital has already had the first taste of added pressure placed on prime property in the form of revised Stamp Duty, and the £1.5m to £5m slice of the market has also been hit by cold feet in the run up to the general election, with the threat of a potential mansion tax.
“This let-up of high-end activity has brought down the average London house price, but beneath the surface, the lower rungs of the ladder are thriving.”
He said: “The borough of Newham – where the typical property value currently stands at £273,727 – saw an enviable 2.1% monthly price rise, more than double the overall 1.0% average London price jump.
“In terms of annual growth, more affordable areas like Barking and Dagenham (+16.5%), Bexley (+15.6%) and Waltham Forest (16.8%) are punching well above their weight, coming in ahead of the year-on-year improvements seen in high-end areas like Kensington and Chelsea, where prices have fallen 7.4% in the past 12 months.”