For the first time ever, the average house price across England and Wales has surpassed the £300,000 mark, the latest house price index by Your Move has revealed.
According to the index, house prices grew 3.1% year-on-year across England and Wales in January, bumping them up to an average of £300,169.
At the same time, this also indicates a slowdown in house price growth as double the growth (7.3%) was recorded one year prior, in January 2016.
When it comes to the capital, house prices went up 1.3% and averaged out at £598,001. This increase was largely due to a growth in prices in the more affordable parts of London.
Barking and Dagenham, historically significantly cheaper than the rest of the big city, has seen a rise in house prices of 13.6% over the last twelve months with a current average price of £301,572.
The online estate agent also said that it hadn’t recorded a growth in house prices for the last nine months in the capital.
Of all regions analysed, England’s East showed the biggest growth, with the average price going up by 7.1% over the one year period.
Oliver Blake, managing direct at estate agents Your Move and Reeds Rains, said:
“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.”