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House prices in Gloucestershire close to 2007 boom, say economists

By The Citizen  |  Posted: April 03, 2014

Nationwide says Property prices in Gloucestershire are close to the high of the 2007 boom

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Soaring house prices have left homes across Gloucestershire close to the prices of the 2007 high which marked the end of the last property boom.

Latest figures by Nationwide show house prices in the south west have soared by 7.4 per cent year on year since April.

A booming London market, where house prices leapt by 18.2 per cent annually, drove the national average rise up to 9.2 per cent – the biggest jump in almost four years – leaving a UK home valued at £178,124.

Data for the South West recorded a 1 per cent monthly climb and 4.5 per cent annual increase – double the previous month’s rise.

Somerset saw the biggest regional increase with house prices climbing 9 per cent annually to this month compared to 5 per cent up to the end of the previous quarter, and up 25 per cent over the past decade.

Richard Copus, spokesman for the National Association of Estate Agents in the South West, said the Government’s Help to Buy scheme was fuelling price rises at the bottom of the market and City money was driving the top end.

“Homes between £200,000 and £300,000, in which most people in Devon are living, are seeing a nice slow, steady rise of about 3 per cent,” he said.

Robert Gardner, Nationwide’s chief economist, said the lender’s latest House Price Index, which is drawn from figures agreed at the post-survey stage of house sales, showed the gap between house prices in London and the rest of the UK is the widest it’s ever been, both in cash and percentage terms.

He said: “Overall, the southern regions have been outperforming for some time.”

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