This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
House price increases in the East of England have come at almost the same level as those in the South East, according to the latest figures from the Land Registry.
According to the figures, property prices in the East rose by 8.8% in the twelve months to May, in comparison to 9.1% recorded in London and the South East. However, the annual rate of increase in England as a whole slowed to 4.6% in the same period.[1]
Growth
Guy Meacock, of buying agency Prime Purchase, commented that, ‘London has gone through a period of stratospheric growth, which was always going to be unsustainable at the same rate.’ [1]
Mr Meacock went on to say that, ‘the regional breakdown shows some areas are significantly outperforming others, but these markets are cyclical-that is a normal market with good and bad periods.’[1]
House price boost for Eastern England
Steady
Taking England and Wales as a whole, property prices were mostly unchanged in May in comparison to April. However, the East and North East of England saw price hikes of 1.6% over the year, which was the largest increase in the country. However, prices in Wales fell by 1.7% over the same period.[1]
Experts predict that prices will increase during the summer months.
[1] http://www.bbc.co.uk/news/business-33286360
