September 22, 2016

East Midland’s asking prices rise in September

east midland's asking prices

Asking prices across the UK increased by 0.7 per cent in September after falling two per cent in the previous two months according to the latest index figures.

The Rightmove data revealed that seven of the ten UK regions recorded a rise in asking prices or a standstill. This is compared to eight of ten price falls in August. After Greater London, the East Midlands was the greatest increasing region in September with a 1.3 per cent rise (£2.594) from August.

The average asking price in the UK now stands at £306,499, up 4 per cent year on year. In the East Midlands this figure stands at £197,502, up 5.5 per cent from September 2015.

First time buyers

Whilst the rise is welcome news for homeowners, the index highlights the plight of finding affordable homes for first time buyers. This market, which usually dominates the one to two bedroom housing sector, has seen an average price rise of 3.3 per cent (£6,240) this month and 10.5 per cent (£18,450) over the past year.

In contrast, the price of second stepper properties with three or four bedrooms increased by just 0.5% this month and a much more modest 5.2% year on year. The upper end of the property ladder, with detached four bedrooms or more, is up by 1.2% this month and just 2.7% in the last 12 months.

Despite the rise in cost of appropriate housing, 30 per cent of total house sales in June involved first time buyers. Attractive government schemes have been taken advantage of, but there is no doubt that there is a need for more cost effective housing to get new buyers onto the property ladder.

For more information about the property currently available in Leicestershire, call Andrew Granger’s Leicester office today on 0116 242 9922.