Annual house price growth increased to 8.4% in England and Wales in March as the average house price hit £370,052, according to the latest house price data from chartered surveyors e.surv.
106 of the 110 Unitary Authorities / Counties saw house price rise in the month while the North/South Regional price growth divide re-emerged.
Richard Sexton, director at e.surv, said: “Our index this month shows another new record level for England and Wales – and for the fifth time in the last twelve months.
“The average price paid for a home in England and Wales in March 2022 was £370,052, up some £4,900, or 1.3%, on the average price paid in February.
“Prices are now 8.4%, above March 2021 levels, and show a 2.9% increase over February 2022’s revised annual rate of 5.5% for homes bought with cash or a mortgage.
“The average house price in England and Wales has continued to increase throughout Q1 2022 on an almost straight-line basis.
“The strength of the market is underpinned by the continued limited supply and strong demand for space post the pandemic to meet our new expectations of how and where we live and work.
“This has been most visible for many months in the performance of Wales as a region but it is supported by the growth in the commuter belts of the South East which offer space but also proximity and good connections to urban centres for hybrid working.
“Ultimately low interest rates continue to support buyers’ affordability. The Bank of England has alluded to rates rising slowly in the face of economic headwinds.
“But inflation has traditionally signalled diminishing returns in other asset groups and often heralds a re-emergence in the popularity of bricks and mortar with investors. We may therefore see even more demand for those desirable properties that are coming to market.”
