The average property price in England and Wales reached a new high of £300,169 in January according to the latest house price index from Your Move.
Property values rose 0.3 per cent month-on-month, passing the £300,000 mark for the first time and making the average property price 3.1 per cent higher on an annual basis.
Property investors and home owners have seen their assets grow by £10,000 on average over the last year, and prices have now doubled since 2002 despite the global financial crisis of 2008.
Housing activity also remained strong with around 60,000 property transactions according to the figures. 2,000 less than January 2016 but 2,000 more than 2015, reflecting the resilience of the property sector.
With the exception of the North East where prices have remained flat over the last year, all regions of England and Wales have seen property price growth over the last year.
The strongest growth was seen in the East of England where the average property price was up by a healthy 7.1 per cent since January 2016.
Of the other regions Greater London received a 0.3 per cent boost in January, but still showed the lowest rate of growth annually at 1.3 per cent.
Though London overall showed relatively weak growth, some of the more affordable areas fared much better.
London’s cheapest borough Barking and Dagenham was the star of the show recording excellent property price growth of 13.6 per cent while property buyers search for value in their purchase. Property prices still remain affordable in the borough, with the average at £301,572 only just above the national level.
Nearby Waltham Forest and also Redbridge also performed well with annual rises of 11.3 and 10.8 per cent respectively.
Your Move Managing Director Oliver Blake commented: ‘It’s been a confident start to the year from the housing market. Following a strong December, the performance in January shows a market whose resilience continues to defy the doubters.’