The latest figures released by the Royal Institution of Chartered Surveyors (RICS) show that house prices are still strong in the East Midlands. This positive performance comes as part of a varying national picture, with house prices also strong in Yorkshire, the North West and Humberside, but still downbeat in London and across the South East.
With uncertainty over Brexit and the recent rise in interest rates being an undeniable factor across the current UK housing market, the East Midlands still reported selling the second highest amount of properties in England and Wales over the three months surveyed. Indeed, only Wales reported a higher number of properties sold in the same timeframe.
Figures released by Nationwide at the end of September showed that house prices in the East Midlands have risen by 4.8% in the year to September. This is a slight improvement on figures from the previous quarter which showed a rise of 4.4%. When compared to the national picture which showed house prices rising by 2%, the good news for homeowners is that the East Midlands is continuing to perform solidly in comparison to many areas of the UK including London which saw a drop of 0.7%.
The Nationwide survey showed that the average price of a property in the East Midlands is £186, 414. As always and despite its drop in property values, London reported the highest average property price of £468, 544. With the average property being worth £190, 607 in the West Midlands and £216, 103 in the UK as a whole, the good news is that as well as enjoying strong growth, the East Midlands is still a relatively affordable area to live in compared to the rest of the UK. Indeed, at Andrew Granger & Co we are continuing to see strong interest from families looking to relocate from the expensive South East to the more affordable Leicestershire. In particular, Market Harborough and its surrounding villages are a popular choice as they offer both a great lifestyle and convenient transport links to the motorway and rail network for commuters.
Leicestershire mirrors the rest of the UK in that a busy autumn market usually leads to a natural lull as Christmas approaches and people decide to postpone house-moving plans until the following year. However, we are seeing demand for property in the sought-after areas of Leicester, Loughborough and Market Harborough, so if you are keen to move, arguably there is no need to delay. Certainly, it’s worth having your property valued as the recent price rises in the East Midlands means it could be worth more than you thought. At quieter times of the year, the advice is always to price realistically to sell, but with the recent increase in value, that does not mean you will feel short changed.
If you are thinking of selling your home, please get in touch for a no obligation valuation and advice on how we can use our local expertise to achieve the best possible price for your home:
Leicester: 0116 242 9922
Market Harborough: 01858 431 315
Loughborough: 01509 235 534