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Home sales in 30% spring upswing – ahead of stamp duty surcharge

Last month was the strongest March since 2007 for home sales – a nine year record – with 80,000 properties sold during the month, according to e.surv.

The chartered surveyors reported that house price growth accelerated in March, up 6.9% annually, with a typical home now worth £18,745 more than a year earlier. The London market has taken off again, with the fastest growth of any region, and house prices increased by 8.2% (£44,548) year-on-year.

Bath & NE Somerset saw the largest March pick-up in property prices, climbing 5.3% (£18,603) month-on-month. Richard Sexton, director at e.surv, comments: “This Spring, with a frantic flurry of activity, the housing market has come to life. As a result of the impending stamp duty hike, this has been the strongest March for home sales in nine years. The surge was widespread across England and Wales, with a 30% upswing in transactions since February. This goes beyond any normal seasonality, with second-home and buy-to-let investors rushing to beat a bigger tax bill.”

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