THE soaring price of property in the Midlands is driving house price growth across England and Wales, as new data reveals that the average asking price hit £310,108 this month.

That’s 1.3 per cent, or £3,887, higher than last month.

The figure stands only £363 below a record high of £310,471, recorded in June last year.

The continuing growth is an “indicator of the continuing resilience of the market”, Rightmove said.

Climbing property prices in March are in line with the increase seen this time last year, although at that time demand was being boosted by buy-to-let investors rushing to beat a stamp duty hike that was coming into force in April.

Midlands-based estate agents are reporting record sales and in-demand properties going to sealed bids.

East Midlands property prices are up by 2.1 per cent this month and 5.7 per cent year-on-year – higher than any other region. For the first time, average property prices in the area have surpassed £200,000.

The west Midlands has the second-highest annual asking price growth, with monthly prices also up 2.1 per cent and up 4.2 per cent annually.

According to estate agents in the Midlands, the majority of sellers in the region are achieving their full asking price and in many cases exceeding the guide price.

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Andrew Oulsnam, director of Robert Oulsnam & Company in Birmingham, said that he expects property prices to “continue to rise between 4 per cent and 5 per cent over this year, outpacing many other parts of the country.”

London’s property market is up 0.9 per cent year-on-year, with average prices now just shy of £650,000.

According to Rightmove, there are two areas that have seen asking prices dip compared with a year ago.

In Wales, average asking prices are down 0.6 per cent year-on-year, and in the north east of England asking prices are 1.1 per cent lower than last year.

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And despite average property prices continuing to rise, Rightmove said that “there are signs of a changing market”, with annual growth slowing.

House prices are only up 2.3 per cent this month, compared to an increase of 7.6 per cent last March.

Miles Shipside, director of Rightmove, said: “The pace is no longer being set by the more affluent commuter-belt South, including London with its international appeal.

“Neither is it set by the cheaper North driven by a mass of investors swooping on high buy-to-let yields.

“As markets in other areas of the country become more mature and run out of price rise steam and froth, the fundamentals of the Midlands have come to the fore.”

Research out earlier in the year revealed that house prices in Britain’s newest towns have outperformed the national average over the past decade.

Milton Keynes was identified as the best-performing new town for property price growth over the past 30 years, with Telford, Corby, Warrington and Skelmersdale also recording strong house price growth between 1986 and 2016.

www.thesun.co.uk