House prices growing the most in the South West

According to research by e.serv chartered surveyors the South West of England saw a house price rise of 13.9% in January 2021.

This is the steepest rise across England and Wales.

Average house prices in the South West stand at £332,844.

Other places which are undergoing mass property price increases are the East Midlands (10.4%), the North West which has risen by 10%, and the West Midlands which has risen by 9.5%.

Greater London is experiencing the slowest price growth, only rising 3.4% in January 2021.

Across England as a whole house prices rose by 8.7%, making the average property £330,958.

Richard Sexton, director a e.serv says that the pend up demand we experienced before lockdown may now be easing. For most, the pandemic brought financial hardship. But some individuals who have been able to continue working through the pandemic, it has been a way to cut down on spending and focus on saving.

For those fortunate enough, they have been incentivised to purchase property because of the current low mortgage rates and the stamp duty holiday savings.