House price growth in Midlands outpaces rest of the country


Published : 19th October 2018

News

The UK's average house price has continued to climb, with East Midlands seeing the strongest growth.

In the year to August, the price of a home in the region increased by 6.5pc, well above the national average of 3.2pc.

The average property in the East Midlands now costs £194,718, according to figures from the Office for National Statistics.

There was also rapid growth in the West Midlands, with prices increasing 5.14pc between August 2017 and August 2018. A house in the area now costs an average of £199,000.

Cities in the Midlands have been among the fastest growing in recent years. The population of Birmingham city centre expanded 162pc between 2002 and 2015, compared to 22pc in London in the same period, according to a report released earlier this year by think tank Centre for Cities.

Improving transport links to London, with projects like HS2, are likely to be contributing to pressure on Midlands property prices.
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 Other areas had more modest price increases, close to the national average.

London was the only area where prices fell compared to the year before. On average, houses in the capital were 0.16pc cheaper in August 2018 compared to the same month a year before. An average home in the capital now costs £486,304.

The cost of renting rose slightly in the year to September. Excluding London, prices rose 1.5pc. The cost of renting in the city fell 0.2pc in the 12 months to September 2018.

The East Midlands had the fastest increase in rents of any area of England.

Prices in September 2018 are on average 2.9pc higher than they were a year previously. This rate of growth is more than three times above the average of 0.9pc in England.

Source:- https://www.telegraph.co.uk/business/2018/10/17/house-price-growth-midlands-outpaces-rest-country/