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East of England’s House Price Growth Surpasses London
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The East of England’s house price growth has surpassed London in becoming Britain’s fastest growing region, according to the latest Land Registry data.
House prices in the East of England, encompassing areas from Hertfordshire to Norfolk, were an average of £210,000 in July. They rose by 8.9% over the last year, compared to an 8.3% increase in the capital.
In the South East – including Berkshire, Buckinghamshire, East Sussex, West Sussex, Hampshire, Kent and Surrey – prices grew by 8.2%. This may be close to London’s growth, but its house prices are much lower, at an average of just over £250,000 compared to the capital’s £490,000.
These are the only three regions in the UK where average prices exceed £200,000. London’s house prices are around five times higher than those in the North East, where house price growth was the slowest annually, rising just 0.4% to an average of £100,670.
Average house prices around the UK
|
Region |
Average house price | Annual change |
Monthly change |
| North East | £100,670 | 0.4% | 0.7% |
| North West | £114,064 | 1.4% | 0.3% |
| Wales | £120,091 | 1.5% | -0.3% |
| Yorkshire and the Humber | £123,663 | 3.1% | 1.5% |
| West Midlands | £139,525 | 3.2% | 2% |
| South West | £190,996 | 4.2% | 0.9% |
| East Midlands | £136,600 | 5.1% | 1.9% |
| South East | £252,528 | 8.2% | 1.7% |
| London | £488,782 | 8.3% | 2.5% |
| East of England | £209,989 | 8.9% | 2.8% |
East of England’s House Price Growth Surpasses London
The North West and Wales, where some of the most affordable homes are found within the UK, experienced slow house price growth.
However, Yorkshire and the Humber and the West Midlands, which stretches from Wolverhampton to Coventry, recovered from negative monthly growth.
Director of Your Move and Reeds Rains, Adrian Gill, says: “The long-term trend of annual house price growth may still be sliding downhill but in the short term, monthly growth is heading skyward.
“More recently in July, we saw monthly first time buyer sales hit a post-recession record. Since the financial crash, a Bank of England [BoE] base rate of 0.5% is all first time buyers have ever known, and many were keen to agree mortgage deals and complete property purchases before this changed.
“While an interest rate rise has been relegated into next year by the Chinese stock market crash, play won’t stop for those looking to buy a home before borrowing inevitably becomes more expensive.”1
The South West, ranging from Gloucestershire to the Isles of Scilly, and the East Midlands, which includes the cities of Derby, Nottingham, Leicester and Lincoln, continue to show steady growth.
