Average house prices across England and Wales lifted by 1.2 per cent in January, says e.surv.

The chartered surveyors’ latest monthly data adds that the average house price rose to £330,958, driven by growth in the South West, East Midlands and the North West.

Over a more representative three months to January, the South West put on the highest house price growth of 13.9 per cent, compared to the same period a year ago, as buyers rushed to take advantage of the stamp duty holiday, which ends next month.

Areas within the region such as Bath, Bournemouth, Bristol, Cornwall, Gloucestershire and Wiltshire all saw prices jump more than 15 per cent.

The region with the second-highest growth over the three-month period was the East Midlands, with 10.4 per cent, followed by the North West at 10 per cent.

By contrast, the areas with the lowest growth over the last three months were the Greater London, 3.2 per cent, the East of England, 6.4 per cent and the South East at 8 per cent.

This “probably” indicates “that the movement from inner and central London to the capital’s suburbs has largely run its course”, says the survey.

e.surv director Richard Sexton says: “Our data shows that the remarkable growth in property prices we saw in the second half of last year has continued into 2021″.

Sexton adds: “There are, as always, a number of factors at play, but we may well have moved beyond the release of the demand that was pent-up at the start of 2020 and into a new phase for the market. For many, the pandemic has proved very financially trying, but this hasn’t been universal. For some households, where people have kept their jobs and transitioned totally to home-working, the pandemic has provided an opportunity to cut spending and build their savings.

“For these consumers in a more fortunate financial position, the combination of low mortgage rates and the stamp duty holiday have made entering — or often re-entering — the property market an attractive prospect. Many buyers have made the decision to make a move in the last year and the popularity of larger properties with more outdoor space has increased greatly, as buyers have reevaluated their current living situation.”

Last month, e.surv data showed that house prices in England and Wales rose 7.8 per cent higher in 2020, with average house price finishing at £326,762.