Herts home owners enjoy biggest house price increase in England and Wales

The average property price in England and Wales has hit a record high – and the biggest year-on-year increase was in the East of England.

Home owners in Hertfordshire, Bedfordshire, Essex, Cambridgeshire, Suffolk and Norfolk enjoyed price rises of 5.3 per cent, according to Rightmove’s House Price Index.

The biggest monthly increases were also in the East of England and the South West, which had a 2.8 per cent boost.

The average East of England asking price now stands at £349,269, compared to a national average of £313,000 and a London average of £636,777.

Miles Shipside, Rightmove director, said: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs.

“There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007.”

Kevin Shaw, national sales director at estate agency Leaders, added: “Our experience of the market last month very much mirrors the findings of Rightmove’s House Price Index: March saw a record number of new instructions for Leaders and was our second highest month ever for sales agreed.

“At the same time, with good levels of available stock, we carried out a record number of viewings. The forthcoming election is unlikely to have a significant effect on the buoyancy of the market. The underlying fundamentals are still in place and we are expecting seasonal activity to remain robust as we head into the summer months.”