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House prices jump 1.2pc in first week of 2010

The housing market got off to a “buoyant start” in 2010, with property prices climbing 1.2 per cent the first week of January, new research by Rightmove has shown.

The significant jump in the first few days of the new year pushed the average cost of a home in Engalnd and Wales to £222,261.

The property website said it had seen record numbers of people using its service to search for new homes, with volumes up 26 per cent compared with the same period last year.

Rightmove commercial director Miles Shipside said the market had been buoyed by a mismatch in supply and demand.

He said there were “drastically fewer” new-build properties on the market after housebuilders mothballed sites during the recession.