Property squeezed as prices hit £300k
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.
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.