If you own a house in the East of England, the good news is it could be worth considerably more than it did one year ago. According to the latest figures published by the National Office of Statistics, annual growth in house prices in the region rose by 13.3% in the year to August 2016, outperforming the South East at 12.2% and London at 12.1%.
The UK House Price Index showed that growth was strong across the country, with average house prices increasing by 8.4% compared to 8.0% in the year to July 2016. That means, across the UK, the average house will set you back £218,964.
In Cambridge (no spoiler alert needed) the market is still buoyant. The average house price reaching £449,987 in August 2016, compared to £411,637 one year previously – a 9.3% increase. As a local authority, Cambridgeshire outperformed the city in terms of growth; house prices rose by 11.1% to an average of £278,986.
In case you’re curious, or have a few million to spare, the place you’ll have to dig deepest to get a property is Kensington and Chelsea, with an average house price of £1,335,389. But at such premiums, this area has only seen a relatively modest price increase of 1.5% from August 2015.
What can we conclude from this? As these figures relate to August, it’s too early to think about what impact Brexit has had or will have. But it’s clear that, as supply continues to outstrip demand, the market shows no immediate signs of slowing down. As I’ve said previously, there are a huge range of mortgages out there which can suit different buyers in different ways. If you’d like to discuss your options, we’d love to hear from you.