15th
Mar 2017
The Midlands is leading the way for property price growth in the UK, the claim is made by a property website after releasing its March figures.
In March the average property price across the UK increased by 1.3%, this dropped from the previous month's figure of a 2% growth.
March's figures are 2.3% higher than the corresponding month last year and the average UK property's asking price has now risen to £310,108.
The highest increases are in the Midlands, and the East Midlands holds top place in the quickest increase rate across the UK as it stands at 5.7% over the last twelve months, whereas the national average is 2.1%.
The average property price in the East Midlands has now gone through the £200,000 price mark as it is has risen to £200,620 which is an all time high for the area.
The nation's close runners up are the West Midlands as it enjoyed a twelve monthly increase in property price growth of 4.2%.
The ONS statistics( Office of National Statistics) highlights that throughout England and Wales property prices have rocketed by a massive 259 % increase since 2007; during the same period wages have risen by 68%.
The director and housing market analyst for the property website, Miles Shipside, is forthright in his view that in spite of Brexit, property price growth is showing the true strength of the market.
Shipside said: ‘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.
"Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the stamp duty tax deadline of 1 April."
He is fully aware of how well the Midlands is performing in its property price growth and said: "The pace is no longer being set by the more affluent commuter-belt south, including London with its international appeal. Neither is it set by the cheaper north driven by a mass of investors swooping on high buy-to-let yields. As markets in other areas of the country become more mature and run out of price-rise steam and froth, the fundamentals of the Midlands have come to the fore."
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