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Estate agent says prices rise 11 per cent in year
HOUSE prices in Southampton have risen by more than the national average, with a rise of 11 per cent in the last year.
The average property in the city now costs £202,723, new figures have revealed.
The rise was two per cent above the nine per cent increase in average house prices across the UK and six per cent across the south of the Hampshire.
Latest figures show that the housing market in Southampton and south Hampshire is proving buoyant with experts pointing to the impact of the Government’s new Buy to Let scheme.
The past year has seen a 55 per cent rise in the number of people registering to buy a house in Southampton.
However, the number of new properties coming on to the market in the city has only risen nine per cent in the same period – leading to a rise in prices as demand outstrips supply..
The figures are part of estate Agent Fox & Sons’ housing market index for south Hampshire.
Helen Asteris, area director at Fox & Sons, said: “The south Hampshire property market is showing no signs of freezing up as we move into the winter months, with property price growth of six per cent annually and sales transactions up by 29 per cent in the same period.
“New buyer registrations are up 41 per cent annually, a clear sign that the Government’s Help to Buy initiative is stimulating demand, but supply levels are not matching this growth and the imbalance is pushing up prices.
“The Southampton market is especially strong with new buyer registrations up 55 per cent annually and property price growth of 11 per cent annually – far outstripping national levels.
Portsmouth saw house prices rise three per cent in one month, to £151, 515.
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