Daily Express

Property squeezed as prices hit £300k

- By Sarah O’Grady

AVERAGE house prices are nudging the £300,000 mark after the fastest year-onyear rise in 17 months.

Homebuyers in England and Wales now face spending £298,000 for a threebed semi – a leap of £24,280 in a year.

Values are up 8.9 per cent since April 2015 and nearly 50 per cent compared to 2009, when a typical home cost £204,875.

In London, values rose 11 per cent year-on-year in April.

Average property prices in the capital have now topped £600,000, says research by legal group LSL and analysts Academetri­cs.

In 2009 the average house price in London stood at £321,917.

Boom

The London borough of Waltham Forest has seen a 113 per cent increase, higher than any other.

Meanwhile prices have hit record highs in nine of the 10 regions in England and Wales – the first time this has happened in the same month since the height of the boom in 2007.

Adrian Gill, director of Your Move and Reeds Rains estate agents, said: “Many had expected prices to dip due to a decline in demand from buy-to-let and second home buyers.

“However there is a severe shortage of properties with fierce competitio­n between buyers.”

The Royal Institutio­n of Chartered Surveyors warned of an “ominous expectatio­n” that prices would keep on rising despite affordabil­ity concerns.

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