Midlands leads of the way on house price growth

20 March, 2017, 13:28 | Author: Leticia Walters
  • Bigger than expected asking price surge- but market still cooling

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.

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

Although Rightmove traffic is high, investor sectors were understandably quieter than this time past year, as buy-to-let landlords rushed to beat the Stamp Duty deadline in 2016.

The big jump in monthly asking prices suggested sellers are hoping that the...

The data, from Rightmove, says the price rise of the past month has only been exceeded once at this time of year since the heady market of 2007.

According to figures from the Office of National Statistics, house prices in England and Wales have gone up by 259% since 1997, while annual earnings increased by 68% over the same time period.

"The housing market has had a long sprint since April 2013, when the annual rate was last below this level, so it's not surprising that upwards price pressure is running on exhausted legs, with average prices today being 23% or almost £60,000 higher than they were then".

The Rightmove House Price Index recorded its lowest annual increase in house prices since April 2013, with prices in February only up 2.3 per cent on last years' figures.

Miles Shipside, Rightmove director and housing market analyst, commented: "Since the start of the decade, the average March price rise has been 0.9%, so this month's 1.3% uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price".

"This has helped to push the overall average price of newly-marketed property in Greater London to a record high".

In London, property prices grew 1.4% on the month and 0.9% on the year to an average of £649,772, driven by growth in outer London.

Miles Shipside, director of Rightmove, said: "The pace is no longer being set by the more affluent commuter-belt South, including London with its worldwide appeal". Accessibly and conveniently located in the middle of the country, the area offers mid-range and relatively affordable prices at an average of around £200,000, whilst also exhibiting local economic breadth and strength.

According to property website Rightmove, the price of property coming to market went up 1.3% in March, down from 2% the previous month.

Two areas saw asking prices fall compared with 12 months earlier.

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