House prices back on the rise in Hartlepool

The cost of a property in the town increased by 2.3% between October and November 2015 to an average of £129,510, research from the Your Move Reeds Rains England and Wales House Price Index has shown.

However, that is down from November 2014 by 0.4%, when the average price was £130,046.

Nationally, the figures show that average house prices in England and Wales grew by 6.6% annually to reach £292,077.

Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The housing market has enjoyed some smooth sailing in the past year, rewarding homeowners and reinforcing our collective desire to own our own homes.

“The typical home across England and Wales is now worth £17,963 more than at the end of 2014, with new price records established every month throughout 2015 after 12 consecutive monthly rises.

“December also marks the highest year-on-year house price growth for 10 months, and this may well prompt existing homeowners to move up to the next rung of the property ladder in 2016, freeing up homes at the bottom for first-time buyers.

“The rising tide of property prices has been propelled so far by a sinking supply of houses coming onto the market, compared with increasing enquiries from potential buyers eager to clamber aboard the property ladder.

“Property price rises have certainly left the recession in their wake, with house prices passing the £200,000 milestone only in October 2005.”