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North West tops house price growth table

For-sale-sign-estate-agent-700.jpgAnnual house price growth in the north west has grown to a peak of 4.6 per cent, according to the latest house price index from Your Move.

The estate agent notes that just eight months ago the north west trailed every other region bar one when looking at annual house price growth.

Now towns in the region at both the top and bottom of the market are seeing large house price rises, with Blackburn recording the largest price rise in the county with prices up 16.4 per cent annually.

The only region to come close to the north west is the south west, which saw prices rise 4.1 per cent annually.

This has been driven by a strong performance in north Somerset (up 12.1 per cent) and Bristol (up 9.2 per cent).

Average house prices rose by 0.5 per cent in February according to the survey, with the east Midlands, south west, north west and Wales all recording new highs.

However annual house price growth for England and Wales overall dropped from 0.7 per cent in January to 0.6 per cent in February.

The average value of a home is now £299,556, up by £1,700 from this point a year ago.

Your Move managing director Oliver Blake warns that housing supply is still failing to meet demand, leading to a bottleneck of available properties.

He adds: “The industry needs to work together to provide a long-term solution to increase movement within the market. By building more homes and introducing more initiatives for each stage of the property lifecycle we should start to see more choice for first time buyers, second steppers and last-time buyers.”


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