Suffolk house price leap

SUFFOLK has seen one of the biggest leaps in house prices in the country this month, according to figures out today.

SUFFOLK has seen one of the biggest leaps in house prices in the country this month, according to figures out today.

Research from Hometrack reveals an average house price growth of 0.8pc in both East Anglia and the south east in March.

And the report says the strongest growth was seen in Suffolk, Berkshire, Kent, Buckinghamshire, Hertfordshire and Surrey.

It helped push the annual rate of house price inflation up to 6.7pc - the highest year-on-year growth since June 2003.

The price of a typical home in England and Wales in March was recorded at £173,400.

House prices in the capital grew by 1.8pc in March, the largest monthly increase in London since July 2002.

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The annual rate of growth in London reached 13.9pc, Hometrack said.

A lack of available housing combined with strong competition from buyers resulted in average prices going up in more than 80pc of London postcodes in March.

According to Hometrack, the strength of the housing market in the capital is having a knock-on effect on the commuter belt, including Suffolk.

Richard Donnell, director of research at Hometrack said: “This latest survey highlights a growing dilemma for policymakers.

“Higher interest rates and increased affordability pressures are clearly limiting house price growth across large parts of the country.

“However, supply shortages combined with confident buyers is resulting in an acceleration in house price growth in London.”

Away from the areas immediately influenced by the London economy, house price inflation remained largely subdued.

Price growth in all other regions ranged from 0pc in Wales and the North to 0.3pc in the South West.

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