Property prices have risen 7.8% annually and 0.6% monthly to November to stand at £205,421, with nearly 11 buyers chasing every property according to haart.
However London’s house prices have started to cool, falling by 1.9% since October with the average London property standing at £497,717 in November.
First-time buyer prices increased by 1.9% from October to reach £168,178 in November.
Paul Smith, chief executive of haart, said: “It’s taken the coalition government almost five years to reform Stamp Duty but at last they have listened to the industry just before the election!
“As we head into 2015 98% of buyers are set to make a Stamp Duty saving.
“The effect was immediate as we saw a 15% increase in enquires the day after the announcement as buyers who were previously reluctant to take a step onto or move up the property ladder suddenly had the door opened.
“We are now optimistic for 2015 and while we may not see the market reach the giddy heights of the first half of this year, which is no bad thing, we predict that property price growth will remain strong and confidence will continue to ride a high as we approach the next election.”
