House Price Index

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March sellers increase asking prices by 1.6%

  % Change in month% Change Past YearAve house price
Mar HPI1.6%2.2%£236,939
Feb HPI4.1%1.4%£233,252

Key points

  • New sellers increase prices by 1.6% (£3,687) to leave them 4.9% up over the first three months of 2012, the largest first quarter increase since 2004
  • Search activity up by 16% so far in 2012 compared to 2011 indicating growing confidence to move
  • Will the end of the stamp duty holiday stifle the promising start to 2012?

    - Double blow for first-timers with loss of stamp duty exemption, and prices of typical first-time buyer property types – terraces and flats – rising faster than semis and detached

    - Setback for hard-saving first-time buyers, half of whom have now raised £15,000 to £40,000 deposit and may have to find an extra 1% unless the Chancellor springs a budget surprise

  • Conversely at the other end of the housing ladder, the average asking price for a property in Kensington and Chelsea is now £2,000,120 as London prices hit new all-time high
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