Average house price hits mark last seen in 2007

House prices in England and Wales have risen for 11 months in a row, taking the average price back to a level last seen in August 2007.

The latest house price index from Acadametrics, based on Land Registry data, shows the average house price in March stood at £227,788.

Acadametrics estimates that the average price in March was 1.1% higher than in February, and up 13.4% compared with the same time last year. Around 10,000 more homes were sold in February than in January, but February’s total of 45,000 transactions was below the 51,570 monthly average in 2009.

Peter Williams, chairman of Acadametrics, says: “Transaction numbers remain low so small pockets of demand can exert a greater influence on prices than would be seen in a more active market.”