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House prices hit record high according to Office for National Statistics House Price Index

The Office for National Statistics’ monthly index shows that house prices have increased five times faster than average weekly wages over the last five years.

House prices rose by 9% in the year to March 2016 and by 7.6% compared to prices in February. It remains to be seen whether the 7.6% hike in prices was generated as a result in the increase in stamp duty for second homes and investment properties.

For more information about the stamp duty increases or property transactions generally please contact Melanie Holder at Maitland Walker LLP on 01643 707777 or by e-mail melanie.holder@maitlandwalker.com.