East of England leads the way on house price growth

The East of England saw the steepest house price growth in the year to December, the LSL Property Services/Acadata house price index has found.

The region saw a 7.9% increase in house prices to £315,134, outstripping the South East (5.2% to 364,729), West Midlands (4.5% to £207,698) and South West (4.1% to £269,129).

Once again London trailed behind with annual house price inflation of 0.2% and monthly deflation of 0.3%.

Richard Sexton, director of e.surv chartered surveyors, said: “Even in the first half of last year London was the UK’s property hotspot, with the highest annual growth. At the end of the year, it trails every other region in England and Wales.

“In its place, the South East and other areas with good value property continue to grow strongly, and even in London itself cheaper boroughs have seen strong increases.

“It will be interesting to see how far the balance in the property market continues to shift from London to its surrounding areas in the coming year.”

Overall prices rose by 0.4% in December to put annual growth at 3.1%.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, part of LSL Property Services, said: “It’s been a strong finish to an uncertain year. Despite the doubts over Brexit, prices have continued to grow, powered by good-value commuter properties.

“As the lower transaction figures since April show, the market faces challenges ahead, but it enters 2017 a lot stronger than many would have expected.”


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Written by: Houseladder