Housing prices rise faster in Midlands

PA

House prices in the East Midlands increased by more than three times the rate of London last year.

Property prices in the region rose by 7% in the year to October – the fastest in the uk, the Office for National Statistics (ONS) said.

The slower home price growth during the same period was a 2.1% increase in London.

However, the average prices in the capital, being the highest at £481,000, compared with the uk average of £224,000, the ONS figures show.

The typical uk house price increased by £ 10,000 compared with a year earlier, but was £1,000 lower than in September.

Jonathan Samuels, chief executive of lender Octane of the Capital, said: “London continues to lag behind the rest of the country in annual terms, the growth of prices.

“But London slowdown is not to fall from grace, only a necessary correction after the lush growth of the prices of a couple of years ago. The prices in certain districts of London are still stratospheric in comparison with other areas of the country.

“The fact that you can still buy 15 houses in Burnley for the price of one only, in Kensington and Chelsea is a case in point.”
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The ONS figures show that prices increased by 6% in Northern Ireland in the 12 months to the end of October, compared with 4.7% in England, 4.5% in Wales, and 2.8% in Scotland.

Uk average house price growth was 4.5% in the year to the end of October, compared with 4.8% annual growth a month earlier.

Separate ONS figures show that the rent paid by tenants in great Britain to private landlords rose by 1.4% in the 12 months to November, from 1.5% the previous month.

The region of East Midlands, including Nottingham, Derby and Leicester, he returned to see the rents go up faster, rising by 2.7%.

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