A survey done by e.surv has shown that January house prices have lifted by 1.2% in England and Wales

E.surv says the average house prices across England and Wales have lifted by 1.2% in January.

Latest monthly data by the chartered surveyors’ added that the average house price rose to £330,958, fueled by growth in the South West, East Midlands and the North West.

Over a more classical three months to January, the highest house price growth was put in by the South West of 13.9%, compared to the same period a year ago, as buyers rushed to take advantage of the stamp duty holiday, which ends next month.

Other areas in the region such as Bath, Bournemouth, Bristol, Cornwall, Gloucestershire and Wiltshire all experienced price jumps of more than 15%.

The second-highest region with a growth over the three-month period was the East Midlands, with 10.4%, followed by the North West at 10%.

By contrast, the areas with the lowest growth over the last three months were the Greater London, 3.2%, the East of England, 6.4% and the South East at 8%.

This “probably” indicates “that the movement from inner and central London to the capital’s suburbs has largely run its course”, says the survey.

e.surv director Richard Sexton says: “Our data shows that the remarkable growth in property prices we saw in the second half of last year has continued into 2021″.

Sexton adds: “There are, as always, a number of factors at play, but we may well have moved beyond the release of the demand that was pent-up at the start of 2020 and into a new phase for the market. For many, the pandemic has proved very financially trying, but this hasn’t been universal. For some households, where people have kept their jobs and transitioned totally to home-working, the pandemic has provided an opportunity to cut spending and build their savings.

“For these consumers in a more fortunate financial position, the combination of low mortgage rates and the stamp duty holiday have made entering — or often re-entering — the property market an attractive prospect. Many buyers have made the decision to make a move in the last year and the popularity of larger properties with more outdoor space has increased greatly, as buyers have reevaluated their current living situation.”

Last month, e.surv data showed that house prices in England and Wales rose 7.8% higher in 2020, with average house price finishing at £326,762.