House prices rise 6%
Annual house price growth stood at 6% in the year to October, the LSL Property Services/Acadata House Price Index for England and Wales has revealed.
This represents a £16,446 increase, with typical house prices reaching £290,640.
On a monthly basis house price growth slowed to 0.6%, down from a 0.9% monthly increase in October.
Richard Sexton, director of e.surv chartered surveyors, reckoned the Chancellor’s Autumn Statement announcements, in particular the 3% hike in buy-to-let stamp duty hike, will result in a frantic market until April 2016.
He said: “There will be a growth in demand from both first-time buyers with extra financial support and buy-to-let landlords hoping to invest before the tax changes come into force.
“While the Chancellor has planned to increase the number of houses being built, none of these will be completed in the next few months.
“As the number of houses on the market is at an historically low level, those rushing for the April deadline will be fighting for a decreasing number of properties. So we could see a spike in both house prices and sales over the normally frosty winter.”