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Which is Britain’s Fastest Growing Region?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Yorkshire and the Humber has experienced the highest monthly property price growth of all UK regions, revealed Land Registry data.
The region’s monthly price rise of 2.7% arrives after a minor annual increase of just 3.1%, taking the average house price to £123,471. However, Yorkshire and the Humber is only the sixth fastest growing region in the UK.
Which is Britain’s Fastest Growing Region?
It is not shocking that London has seen the highest annual price growth, of 10.9% in the last 12 months, to an average of £474,544.
Director of Your Move and Reeds Rains estate agents, Adrian Gill, says: “The election rattled the cage of the London market more than others, with the threat of mansion tax hanging over high-end buyers, who are already having to fork out more on Stamp Duty.
“Activity in the capital should start to flourish again. But, in the meantime, London has been knocked off its perch by Yorkshire and the Humber, which saw the biggest monthly jump in property values across the country.”1
Countdown of the UK’s fastest growing regions
|
Position |
Region | Average house price | Annual change |
Monthly change |
| 10 | North East | £98,374 | -0.6% | -0.5% |
| 9 | Wales | £117,032 | 0.3% | -1.1% |
| 8 | West Midlands | £137,121 | 2.3% | 0.2% |
| 7 | North West | £113,301 | 2.3% | 2.1% |
| 6 | Yorkshire and the Humber | £123,471 | 3.1% | 2.7% |
| 5 | East Midlands | £135,033 | 5.1% | 1.4% |
| 4 | South West | £189,447 | 5.9% | 1.4% |
| 3 | East of England | £201,465 | 7.8% | 0.3% |
| 2 | South East | £244,238 | 8.8% | 0.8% |
| 1 | London | £474,544 | 10.9% | 2.3% |
The South East, which ranges from Berkshire to the Isle of Wight, and the East of England, from Hertfordshire to Norfolk, are second and third, with annual increases of 8.8% and 7.8% respectively.
With the average house price in the South East at £244,238, this is still around £200,000 less than London. However, as the UK average is now £179,817, these areas are still significantly more expensive than other regions.
The figures indicate that Wales and the North East are the only areas witnessing a decline, with average prices in Wales falling 1.1% and 0.5% in the North East. The North East is the only region to record an annual decrease, with drops of 0.6%.
