Midlands Leading UK Property Growth
Recent research released by Rightmove reveals that central England leading the way in property price growth. Northamptonshire tops the chart with an impressive increase of 9.1%, followed by Derbyshire with 7.9% and Norfolk with 7.4% growth. The UK National Average is rising at 3.1% per annum. Factors driving the popularity of central England include Norfolk’s popular holiday and retirement home market. Therefore providing greater value for money than other hot spots on the south coast of the country. While Derbyshire represents the greatest value for money among the top three performers; with an average house price tag of £200,000. Northamptonshire’s stellar performance is aided by its connectivity to the capital, with London Euston a mere 48 minutes away. Click to view an exciting new development, part of the Birmingham Smithfield Masterplan, Smithfield Place Birmingham
Supply Shortfall
Miles Shipside, Rightmove director and housing market analyst, explains; “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.” High demand and limited supply are still driving momentum, especially in the counties in the middle of the country. The property website said the asking price for homes coming on to the market in the county had risen by 2.2% in August, to an average of £256,642, making it the hottest area covered by the survey. The growth contrasts with a monthly fall of 1.9% in Greater London and a 0.9% drop across England and Wales as a whole. Furthermore, counties across the middle of England were experiencing a “mini-boom”. Prices in Derbyshire rose 7.9% from a year ago, and in Norfolk, they were up 7.4%. Annual prices increased by about 7% in Nottinghamshire, Bedfordshire, Worcestershire, the West Midlands and Leicestershire. Yet remaining much lower than in London where, although the annual rise was only 1.6%, the average new asking price stands at £629,270. Click Here to See Latest Midlands Opportunities Click Here to See the Latest UK Property News
