The average price of a property rose the most in a single month since 2002
The cash increase of an average property rose £4,732 across England and Wales in January 2016 compared to December 2015 the biggest rise in property prices in a single month since June 2002 according to the latest data from the Land Registry.
This was an increase of 2.2% pushing the average house price across England and Wales to £191,812. Wales saw the bigest increase of 3.7% in a single month taking the average house price there to £125,665. Over the last 12 months property prices have risen 7.1% with a 13.9% rise in London. The average price of a property in London is now £530,409.
Areas with big property prices increases over the last 12 months include
Windsor and Maidenhead 10.6%
Milton Keynes 10.5%
South Gloucestershire 10.2%
Brighton & Hove 10%
Two areas of the country saw a fall in the month with the North East falling 1.6% and the North West falling 0.4%.
Many properties are being bought by buy-to-let investors before the 3% increase in stamp duty on 2nd and investment properties hits in April 2016.