A row of houses in Camden, London.
House prices in the UK have hit record highs, despite continued weakness in London and the South East.
Annual house price inflation in some parts of Wales rose by 10% in the year to the end of March, according to the Your Move Index.
Prices in the City of London fell dramatically by 31.4%.
London and Wales overall fell by 0.1% in March.
Oliver Blake, Managing Director of Your Move, said: “The explanation for this outstanding performance is simple: we were proactive.”
“Wales introduced a new land transaction tax in April, with a threshold of £180,000, higher than England’s stamp duty (£125,000), but particularly for properties valued between £400,000 and £925,000. The tax rate is 7.5% and 10%.
“In anticipation of this, buyers are bringing forward the purchase of expensive homes to avoid the new tax, as was the case before the stamp duty rise in April 2016. 6 out of 8 municipal regions recorded new peaks” Prices in March. These high price increases in Wales are unlikely to last long. ”
Prices in Swansea and Cardiff rose by 9.7%.
Russell Quirk, property expert and chief executive of Emoov, believes the London figures represent a “fragmented” market in the capital.
“While there is still buying appetite among London buyers, as evidenced by the number of visits to Rightmove, a lack of commitment has resulted in a reduction in the number of agreed sales in the capital.”
“This is not surprising given the gap between the expectations of London’s die-hard sellers and the reality of the current market environment itself, as well as the lack of diversity in stocks circulating in the market.”
In London, the City of London had the biggest decline, followed by Southwark, which fell by 17.5% in the year to March.
