The average cost of buying a property in England has reached £226,807, after increasing by 8.9 per cent over the last 12 months.
This is according to recent data from the Land Registry, which showed homes rose in value by one per cent from April to May 2016.
Unsurprisingly, the area that experienced the largest rise in property values was London, with houses increasing in price by 13.6 per cent.
Those buying in Yorkshire and The Humber will be interested to find out values grew by a much lower 3.8 per cent between May 2015 and 2016. Indeed, costs actually dropped from April to May, falling by 0.2 per cent.
This decline could have been the result of the surge in activity on the housing market in March due to the introduction of the stamp duty tax on second properties, Paul Smee, director general of the Council of Mortgage Lenders, has previously stated.
As a result, buying could have fallen in April, leading to a drop in property values.
The average cost of a house in Yorkshire and The Humber was £147,044 in May, £79,763 lower than the average in England. Therefore, the region is a favourable place to buy, particularly for first-time buyers struggling to get on the property ladder, as it is far more affordable than other areas of the country.
Properties in London, in comparison, are typically £472,163, more than double the average for the country.
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