House prices: The five UK areas where house prices have increased the most

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According to Rightmove’s February House Price Index, the price of property coming to market has set a new record high. The price of property coming to market has surged by 2.3 percent this month, an increase of £7,785, to a record of £348,804.

However, there were some regions that experienced a higher increase in property prices than others.

According to Tim Bannister, director of property data for Rightmove: “The data suggests that people are by no means done with their pandemic-driven moves.

“Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live.

“High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month.”

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However, there were some regions that experienced a higher increase in property prices than others.

According to Tim Bannister, director of property data for Rightmove: “The data suggests that people are by no means done with their pandemic-driven moves.

“Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live.

“High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month.”

In Scotland, house prices are reported to have surged by 7.5 percent in February.

This is a year-on-year increase of 8.1 percent.

On average, it takes 34 days for a property to sell in Scotland.

Barry Chuwen, of MQ Estate Agents in Scotland, said: “We’re seeing a dynamic market north of the border, with enquiries and sales greater than normal for the time of year.

“We are still seeing strong demand for all types of properties, from the first-time buyer market to large family homes, and we are also seeing a rise in the number of landlords entering the market, seemingly keen to capitalise on greater values.

“Some people believe things will inevitably slow down in the spring, but for the moment, demand remains strong and this is forcing prices up and up.”

Yorkshire and the Humber ranked as the second-highest monthly change, with prices rising by 2.6 percent.

This is a year-on-year increase of 12.6 percent.

According to the data, it takes an average of 44 days for a house to sell in this region.

Ben Hudson, managing director at Hudson Moody in York, said: “Like many, our biggest challenge is a lack of stock.

“As soon as anything new comes onto the market, it is flying off the shelf, with multiple buyers competing for the final sale.

“With so many potential buyers, many properties at the moment are selling above asking price, which can make valuing a property accurately a challenge as we don’t want to give unrealistic expectations.

“It can be difficult for buyers at the moment, with not a lot of choice and tough competition for the properties available.”

On average, it takes approximately 45 days for a property to sell in this region.

February has proven to be even stronger than January when it comes to property sales.

Typically, February always records higher asking prices than January.

However, according to Rightmove, this is the biggest monthly jump in cash terms recorded in more than twenty years of reporting.

The annual rate of asking price growth, up 9.5 percent, is the highest recorded since September 2014.

This new record means that average asking prices have now risen by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 in the previous two years.



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