East of England house prices up 10% in last year

The East of England is the region which showed the highest annual growth in the latest House Prices index, with prices increasing by 10.3% in the year to February 2017.

Growth in the East Midlands was second highest at 7.5%, followed by the West Midlands at 7.0%. The lowest annual growth was in the North East, where prices increased by 2.2% over the year.

The overall surge in UK house prices saw an increase by 5.8% in the year to February 2017 (up from 5.3% in the year to January 2017), although this remains below the average annual house price growth seen in 2016 of 7.3%.

The average UK house price was £218,000 in February 2017. This is £12,000 higher than in February 2016 and £2,000 higher than last month.

The main contribution to the increase in UK house prices came from England, where house prices increased by 6.3% over the year to February 2017, with the average price in England now £234,000.

On a regional basis, London continues to be the region with the highest average house price at £475,000, followed by the South East and the East of England, which stand at £312,000 and £282,000 respectively. The lowest average price continues to be in the North East at £124,000.

The local authority showing the largest annual growth in the year to February 2017 was the Shetland Islands, where prices increased by 25.9% to stand at £184,000.

In February 2017, the most expensive borough to live in was Kensington and Chelsea, where the average price for a house was £1.4 million. In contrast, the cheapest area to purchase a property was Blaenau Gwent, where the average price for a house was £78,000.

Cambridge, which has seen house prices rise by 50 per cent since 2010, was the venue for Latin graffiti roughly translated as ‘Local homes for local people’ daubed on new-builds the month, which highlighted the housing issues the city faces as policy struggles to keep up with the pace of development. Picture shows the properties in question – the graffiti has been cleaned off.

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