THE strength of the UK housing market has once again been underlined by significant rises in house prices, with new figures showing property values increased by 5.2 per cent in the 12 months to December 2017.

Land Registry statistics reveal the average property is now worth £226,756, up by 0.4 per cent since November alone. Prices in England are typically £244,000, while in Wales they hit £154,000 and in Scotland £149,000.

The greatest rises of all occurred in the south-west, where an average house increased in value by 7.5 per cent over the year in question, while the largest monthly hike was the 2.7 per cent recorded in the north-west.

Kevin Shaw, national sales director at estate agents Leaders, says: “While the rate at which house prices are growing has slowed slightly since 2016, rises of about five per cent throughout 2017 show the property market continues to prove it is growing at a healthy pace and offering stability to people across the country.

“A combination of competitive mortgage rates, the removal of stamp duty for most first-time buyers and reasonable house price growth that is more aligned with wage rises has created ideal conditions for the housing market to flourish in 2018.

“There are also wider economic factors to consider. Growing confidence in the UK’s economic future and the possibility of interest rate rises is encouraging more people to get moving, making it a fantastic time to put your property on the market.

“While supply has been constrained in the last year, we expect more people to put their properties on the market this year and for sellers to enjoy an even stronger position when it comes to negotiations with prospective buyers.”

For more information or advice on selling a property contact your local Leaders branch or visit leaders.co.uk