Property prices leap 5% in 12 months

Figures released by the Land Registry have found that property prices on average in the UK have jumped 5.1% in the last year alone, making the average property value in England and Wales £179,817.



The data uncovered a range of changes to the property market, including price changes by property type as well as the most expensive home bought in April. Check out some of the findings below: 

5.1:  The percentage increase of an average detached property from April 2014 (£282,706) to April 2015 (£268,869)

10.9: The percentage that property prices have increased in London from April 2014 to April 2015

£474,544: The average house price in London in April 2015

£98,374: The average house price in North East England in April 2015

£15.6m: The most expensive house sold in April 2015 (surprise surprise, it was in the wealthy postcode of W2 in London)

£18,500: The cheapest sale in April 2015 was in Bishop Auckland, County Durham

17%:  The percentage increase of completed house sales in England and Wales (54,103 in February 2014 compared with 64,994 in February 2015).

While the figures make for slightly depressing reading, especially if you’ve put off buying a home, it’s not all doom and gloom. If you are a first time buyer, there are a number of ways you can climb on to the property ladder, including 5% mortgages and the recently announced Help to Buy ISA, which will help you save for a deposit. Read Mark Hooson’s article here on 5 reasons you shouldn’t give up buying a home

Similarly, changes to Stamp Duty (announced in last year’s Autumn Statement) mean savings can be made when buying a home.
The tax you have to pay when purchasing a home is now based on a tiered system linked to the price of the property. The first £125,000 of the price is tax-free; the remainder is then taxed according to different thresholds (2% between £125,001 and £250,000, 5% between £250,001 and £925,000 and so on).

The overhaul is expected to bring to savings to around 98% of home buyers. Kevin Pratt explains in more detail here.

If you’re still on the hunt for a new home, take a look at our 11 mistakes to avoid if you’re a first time buyer.

Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

 

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