News

House price growth continues

Sue Woodall comments on Nationwide’s recent report confirming there has been an increase in the price of property in the United Kingdom of 11.5% and the average price paid for a property is now £186,544.00.

According to the recently released Nationwide House Price Index “House price growth remained strong in June” and house prices “have surpassed their 2007 peak.”

Further, Robert Gardner, Nationwide’s Chief Economist, said “House prices recorded their fourteenth successive monthly increase in June, rising by 1% … While all regions recorded annual price gains for the fourth quarter in a row, there is still significant variation across the UK, with the South of England continuing to record the strongest rates of growth. In particular, London continued to outperform, with prices up by almost 26% … Excluding London they are 0.4% below peak.”

Sue noted that “Drilling down into the figures, whilst the South has performed well, the Midlands has also seen a significant increase in house prices with the East Midlands seeing an annual 8.3% increase and the West Midlands a 8.2% increase in house prices.”

In particular:-

  • In Staffordshire the average price of a property is now £168,882.00 (which represents an annual 7% increase)
  • In Derby the average price of a property is now £176,002.00 (which represents an annual 9% increase); and
  • In Derbyshire the average price of a property is now £174,690.00 (which represents an annual 10% increase).

Sue continued, “As previously stated, at Astle Paterson we have seen a steady increase in buying and selling houses over the past 2 years.   We do not foresee the levels of transactions will fall away over the coming few years – even given the Governments attempts to strengthen the lending criteria to cool the housing market.

Given that I have over 35 years of legal experience, we are well placed to ensure that your sale and/or purchase of your property will proceed in the most efficient manner.”

Should you be in the process of buying and/or selling a house then please contact Astle Paterson’s Conveyancing team on either 01283 531366 or by email at conveyancing@astlepaterson.co.uk and we will be happy to assist.

Please click to read the Nationwide’s press release, “Nationwide House Price Index: House price growth remained strong in June.”

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