East Midlands Tops the Property Price Poll

The East Midlands has been named as the regional property price winner of last year as the region celebrated the quickest house price growth in the country during 2017.

The East Midlands joined Wales in enjoying an annual growth rate of eight per cent in 2017. This compared to England’s slowest growth rate of just one per cent experienced in London, which also saw its lowest yearly rise since 2011.

In the East Midlands, the eight per cent growth rate equates to a rise of almost £14,000, while in Wales it was £12,000, according to data from IHS Markit and Halifax.

In general, British property prices went up by 3.3 per cent during 2017 – a cash equivalent of a little over £7,000. London marked a stark contrast to this sort of growth, as did Scotland, where the average house price dropped by 0.2 per cent. It was also negative news in Northern Ireland, where property prices went down by 5.6 per cent.

Just before these figures were revealed, the Halifax announced that house prices across Britain rose by a figure of 2.7 per cent in the 12 months ending in December 2017. This is under 50 per cent of the growth rate experienced in 2016.

This data highlights a divided picture of Britain’s property market, where what were previous hotspots in the South East and London have slowed down dramatically or started to experience falling prices, and areas such as the East Midlands have enjoyed robust price growth.

Tim Moore, HIS Markit’s associate director, said that the Halifax HPI data reveals the strength of areas which enjoy lower house prices and earnings ratios as well as improving labour markets, as highlighted by the climate in the East Midlands.

The success of the East Midlands was followed by the West Midlands. The latter saw price rises of five per cent, followed by the South West of England, where prices went up by 4.9 per cent.

Despite the negative news for London, prices in the capital are still 45 per cent up on the level seen ten years ago. In the South East, prices are 32 per cent up on a decade ago.

Quarterly data also reveals that average British house prices finished 2017 with a quarterly rise of 1.5 per cent in comparison to the three months previously.

To find out more about the opportunities that the Leicester property market could offer you and your family, get in touch with a member of the Keywest team today. Call us at our office at Hinckley Road 01162 544 555, or Queens Road 01162 544 543.