Published On: Mon, Aug 21st, 2017

Is your house in a British boom town? Best price growth revealed as values rocket £85k


Some lucky homeowners are seeing the price of their house soar as the industry experiences a ‘mini-boom’. 

Property prices in central England have seen the best return on investment, with Northamptonshire prices rising by 9.1 per cent, followed by a 7.9 hike in Derbyshire and a jump of 7.4 per cent in Norfolk. 

The stellar figures represent more than double the annual average of 3.1 per cent, seen across England and Wales. 

Property website Rightmove identified these areas the UK’s ‘hottest markets’. 

UK house price boomGETTY

Some lucky homeowners are seeing the price of their house soar

Other areas which have also benefitted by a resurgence in the market are Leicestershire, Worcestershire, Nottinghamshire, the West Midlands and Bedfordshire, which have all reported strong growth figures. 

Miles Shipside, director of Rightmove, said: “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.”

“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.

Map of best house price increases in UKEXPRESS

The areas with the best house price increases in UK

“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.”

Despite the booming figures, August has seen a lull in prices, dropping to £313,663 or 0.9 per cent, caused by factors including summer holidays. 

Mr Shipside added: “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.


Year-on-year rises at more than twice the pace of the national average

Miles Shipside


“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.”

In spite of the monthly anomaly, in Wales house prices were up 3.9 per cent annually in August, reaching £187,407. 

In London house prices rose by 1.6 per cent annually by August, reaching an average of £629,270. 

Overall over the past five years the average house price has risen by £84,869, according to data from Lloyds Bank. 

It cost on average just 206,122 in 2012, which jumped to £290,991 this June. 

UK house price boomGETTY

Overall over the past five years the average house price has risen by £84,869

The cost of a home in the capital’s pricy market rose by an eye-watering 56 per cent, jumping from  £359,679 in June 2012 to £561,032 this June.

Over the same period Scottish prices also rose 22 per cent to cost £204,974, and homes in Wales shot up by 32% to £201,928 and a Northern Irish buyer can expect to pay 21 per cent more at an average of £165,404. 

Last spring there was a stampede of buyers rushing to snap up property before stamp duty was increased for second homes, including buy-to-let. 

As a result the first half of year has seen a two per cent drop when compared to last year, at 171,300 down from 174,300. 

Deposits could also be a factor influencing potential buyers, with the cost rising 40 per cent over the past five years. 

In 2012 prospective home owners only needed to scrape together £68,663, but now need to find £96,109. 

The capital, where house prices outstrip those around the country by a considerable margin, commands the highest deposit. 

Anyone wanting to buy in London needs to find £188, 916 deposit – the highest in the country – while those in Northern London have the lowest with £48,080. 


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