House prices in the east have increased over the year by more than any other area of the country, according to new figures.
Data from the latest house price index show property prices in the East Midlands and East of England rose by 6.7% during the past 12 month, which is almost a quarter more than the national average and nearly five times more than in London.
When compared with England’s current house price of £232,530, the East Midlands appears to be an affordable to region to buy a property with the average cost currently £176,213.
Despite London’s smallest annual increase, it still remains the most expensive area in the country to buy a house. The average house price in the capital currently stands at £471,742 – a significant 62.4% more than in the East Midlands, and an eye watering 74% higher than in the most affordable region, the north east.
Sam Spencer, associate at Bruton Knowles said: “Activity in the East Midlands property market appears to be buoyant, which is great news for those wanting to purchase a new home, and indeed investors who will be encouraged to take advantage of current market activity.
“The property market seems to be relatively subdued across the rest of the country, which could be due to low stock levels, or uncertainty around the current political climate. It is great to see the East Midlands bucking this trend though. The recent investment within the area appears to not only have injected a much-needed boost to the local economy, but also ignited positive movement within our property market.
“With house prices in the capital still unaffordable for many, this could be the catalyst for a shift of movement where those who are priced out of London increasingly choose to work and live in the East Midlands.”