House prices in the West of England have risen 9% in the last year, latest Office for National Statistics figures show.
The average home in the region now costs 拢279,242 - higher than the national average for England where the cost of property rose 8.7% over the last 12 months to 拢268,291.
The yearly growth rate is the steepest since October 2014 and comes despite the housing market being closed for part of 2020 amid the pandemic.
Across England, the North West experienced the greatest annual price rise, up by 11.9%, while London saw the lowest annual price growth, with a rise of 4.6%.
The data comes as homebuyers scramble to meet the June stamp duty deadline. Chancellor Rishi Sunak announced in his spring Budget that cuts to stamp duty would be extended.
He confirmed the 拢500,000 nil rate band would end on June 30, rather than March 31. He also said the nil rate band would be 拢250,000 until the end of September and return to the usual level of 拢125,000 from October 1.
Richard Vickery, regional director for the South West at online estate agents Yopa told BusinessLive earlier this year that his company had experienced 鈥渉uge volumes鈥 of buyers coming on to the market.
He said with the number of homes available for sale still low, he expected house prices to continue rising in the region.
"Even when the stamp duty holiday does eventually end, the other drivers of the market will still be in place,鈥 he said.
鈥淢any people will be reassessing their needs and priorities as the pandemic finally recedes, and moving house will be easier when we are out of lockdown.鈥
鈥淎fter a short pause around the end of the stamp duty holiday, I expect the market to return to a high level of activity with further price rises in the South West, especially for the larger family homes in less urban areas that are now in high demand."
House price change by region for England
| Region | Average price February 2021 | Annual change % since February 2020 | Monthly change % since January 2021 |
|---|---|---|---|
| East Midlands | 拢213,967 | 10.6 | 0.8 |
| East of England | 拢306,346 | 6 | -0.9 |
| London | 拢496,269 | 4.6 | -1.4 |
| North East | 拢138,370 | 9 | -1.6 |
| North West | 拢184,351 | 11.9 | 1.3 |
| South East | 拢345,075 | 8.5 | 0.9 |
| South West | 拢279,242 | 9 | 0 |
| West Midlands | 拢215,451 | 8.3 | 0.8 |
| Yorkshire and the Humber | 拢182,220 | 10.9 | 0.6 |
