The industry has given a big thumbs-up to the latest house price figures from the government, which show a 6.8 per cent annual rise across the UK.
Pricing is being driven by greater lending availability, positive consumer sentiment as the jobs market continues to improve along with the wider economy, according to David Newnes of LSL Property Services.
The average UK house has now surpassed £250,000 placing the bulk of transactions within the three per cent stamp duty tax band - more ammunition for critics who believe the Chancellor played a bad hand by not reforming stamp in last week's budget, says Peter Rollings of Marsh & Parsons.
Here are the ONS figures:
- UK house prices increased by 6.8 per cent in January compared with a year earlier, up from 5.5 per cent in December 2013.
- House prices grew by 7.1 per cent in England, 6.9 per cent in Wales, 1.4 per cent in Scotland and 2.7 per cent in Northern Ireland.
- House price growth is increasing strongly across some parts of the UK, with prices in London again showing the highest growth.
- Annual house price increases in England were driven by rises in London (13.2 per cent), the South East (7.1 per cent) and the West Midlands (5.3 per cent).
- Excluding London and the South East, UK house prices increased by 3.8 per cent in the 12 months to January 2014.
- In January, prices paid by first-time buyers were 7.6 per cent higher on average than in January 2013. For owner-occupier existing owners, prices increased by 6.5 per cent for the same period.
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