‘Hot’ housing market in central England defies national average

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According to a source, swathes of central England are experiencing a “mini-boom” in house price, which is growing at more than twice the national average rate.

Derbyshire, Northamptonshire, and Norfolk were recognized by estate website Rightmove as the “hottest markets”, with prices in these areas growing annually by 7,9% 9.1%, and 7.4% respectively.

This is higher than twice the 3.1% yearly rise in prices seen in England and Wales.

At £313,663 in August, the price on average of a house across England and Wales, month-on-month, declined by 0.9% or £2,758.

Rightmove states the monthly drop is in order with courses usually seen during the end of summer when potential customers and sellers are occupied by holidays.

The director of Rightmove, Miles Shipside, announced: “With newly-marketed property seeing a monthly fall of 0.9% and a muted yearly rise of just 3.1%, the heat has come off much of the market.

“A combination of traditional summertime price blues and the chill of uncertainty in the air has cooled price growth in some parts of the country, and affordability also remains very stretched.

“But despite these factors, high demand and limited supply are still driving momentum, especially in the counties in the middle of the country.

“Here, year-on-year rises at more than twice the pace of the national average are widespread, in contrast to southern and northern counties where none have approached these heady heights.”

Rightmove said the best players in the north of England with regard to yearly asking price growth are Merseyside at 5.6%, the East Riding of Yorkshire at 5.4% and Cheshire at 5.3%.

In Wales, asking prices grew by 3.9% yearly in August to touch £187,407 on average. In London, asking prices grew by 1.6% yearly – about half the speed of the national average. The average price of a London house is now £629,270.

Mr Shipside continued: “With a shortage of suitable choice in many parts of the country, buyers are becoming increasingly adept at hunting down property that fits their budget, ticks the boxes on their checklist and stirs their emotions.

“Properties in the counties that have seen above-average price rises over the last year are clearly meeting the needs of home hunters at relatively affordable prices.”

According to Rightmove, these 8 counties are having a “mini-boom” in asking prices, with a yearly increase of:

:: Leicestershire, 6.9%

:: West Midlands, 6.9%

:: Worcestershire, 7%

:: Bedfordshire, 7%

:: Nottinghamshire, 7.1%

:: Norfolk, 7.4%

:: Derbyshire, 7.9%

:: Northamptonshire, 9.1%