Midlands leads of the way on house price growth

Cornelia Mascio
Marzo 30, 2017

The figure is just £363 below a record high of £310,471, recorded in June previous year.

He said: " We expect property prices to continue to rise between 4% and 5% over this year, outpacing many other parts of the country". Rightmove said estate agents in the two regions were reporting record sales with the sale of the properties most in demand going to sealed bids.

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The West Midlands region has the second highest annual increase with prices up 4.2% and matches the East Midlands' 2.1% monthly rise.

The average United Kingdom home now costs £310,000 following the second highest March increase in a decade, as demand continues to outstrip supply of available homes across the country.

The price of property coming to the market in the East Midlands is at a record high, breaking through the £200,000 barrier for the first time to £200,620.

Andrew Oulsnam, director of Robert Oulsnam & Company in Birmingham, said the majority of sellers are achieving their full asking price and in many cases exceeding the guide price.

House prices across England and Wales have been driven by growth in the Midlands. East Midlands: The largest risePrices in the East Midlands rose by 5.7 per cent year-on-year in March, the biggest rise of any region in England or Wales.

The average asking price across the country was £306,231 in February, up from £300,245 in January.

Even as prospects for the housing market brighten, British consumer spending is set to slow to four-year low in 2017 as inflation, weak wage growth and the impact of welfare cuts hit households, according to a separate report by the EY ITEM Club.

Annual property price growth was 2.3% in March for the second consecutive month, taking the average price of a property up to £310,108.

He believes that many buyers are being forced to be price sensitive, so sellers have to be wary of over pricing if they want to sell, especially in the South where the pace is no longer being set by the more affluent commuter belt, including London with its worldwide appeal.

2017 is expected to see increasing numbers of buyers, particularly investors, looking beyond the capital to the Midlands and other areas of the United Kingdom, such as the north west of England, which is now seeing the highest rental yield growth in the country.

In London, property prices grew 1.4% on the month and 0.9% on the year to an average of £649,772, driven by growth in outer London.

Research out earlier in the year revealed that house prices in Britain's newest towns have outperformed the national average over the past decade.

On the year, however, growth was 2.3%, slowing down significantly from 7.6% in March 2016. "Low stock levels are still a problem for us, especially for properties up to around £500,000".

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