LSL Property services price index indicates that average house prices in England and Wales have increased by 6.6% in 2015 with the possibility of reaching an astonishing £300,000 average price in 2016. LSL data shows that the average home price has grown approximately £17,963 during 2015, making the average house price now at £292,077. The second regional area to show an increase was the East Midlands with a 10.6% annual rise.
Although the average house price figure increased, property values in five of the boroughs within the prime central London area dropped by 8.7% averagely during 2015.
Director of Reeds Rains and Your Move estate agents, Adrian Gill says that new price records were established throughout 2015 due to the lack of stock.
He says “The rising tide of property prices has been propelled so far by a sinking supply of houses coming onto the market, compared with increasing enquiries from potential buyers eager to clamber aboard the property ladder”.
He then goes on to warn that “If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 watermark, having reached £250,000 in December 2013.”