The number of completed house sales in the East Midlands has reached a seven-year high, with the area seeing the biggest increase in the country over the last year and beating the London average by 19 per cent.

The number of completed property sales in the East and West Midlands rose by 22 per cent — the highest rate in England and Wales. This was followed by the North West, which saw a rise of more than 20 per cent. This means that the time is now perfect to put your property on the market if you want the best chance of a sale.

In more good news, the East Midlands region has also seen a six per cent increase in house prices over the last 12 months, taking the average to £176,255. The West Midlands saw prices rise by more than five per cent over the last year to an average of £186,934.

In contrast, high-end property prices in London are falling, and the completed sales figure has risen by just three per cent over the last year. Overall, prices in September rose by just 0.4 per cent, which is the lowest monthly rise in London for the last 15 months. Prices dropped in exclusive areas such as Camden, Richmond and Westminster, although there have been increases in some lower-priced boroughs, including Haringey and Lewisham.

In the country as a whole, house prices increased by 0.7 per cent in October, which is the equivalent of £2,026 on an average home. The average cost of a domestic property in England and Wales is now £277,390, according to the latest figures.

Meanwhile, the number of property sales that were completed in the two countries in October hit 90,500. This represented an increase of nine per cent on the previous month. This meant that October 2014 joined August of this year in recording the biggest number of sales in one month since November of 2007, which was before the recession. Experts believe this reflects an increase in activity earlier in the year, as sales started back then have reached the completion stage.

Average house prices in England and Wales have now increased by 10.5 per cent compared to October 2013, the equivalent of £26,500. The latest price rise means that a new record has been set for the number of consecutive months of house price increases. The figure now stands at 16 months of rises.

If you are thinking of buying or selling a home, give Keywest a call on 0116 254 4555. We can get you moving.