Asking prices in the east of England have risen faster than any other region in the country over the last twelve months according to Home.co.uk’s latest asking price index.
Asking prices are up 12.2% over the last twelve months in the east of England, meaning prices are rising faster there than in Greater London (12%) and the South East (10.3%)
Month to month, asking prices in the east are up 2.1% putting the average list price at £317,120.
The typical time on the market has also come down, with the median house now on the market for 114 days across England and Wales, nine days fewer than this time last year.
When looking across the last five years, it’s Greater London which has seen the biggest rise, up a huge 59.7%. Asking prices in the south east and east have risen 37.3% and 33.1% respectively. However Scotland, Wales, the North West, North East and Yorkshire and the Humber have all risen less than 10% over the past 60 months.
According to Home.co.uk the average asking price in England and Wales is now £289,778.
Doug Shephard, Director at Home.co.uk said: “With interest rates on hold at super low levels for the foreseeable future, we are likely to witness price growth continuing to ripple out from London across the rest of the country.
“Lack of supply will be the key driver and, as buy-to-let investment continues to soak up many of the available properties, so supply will continue to dwindle.
“The London market is now maturing: slower and with more moderate price rises. Investment capital is now making its presence felt further afield in the East and South East where prices are leaping ahead and supply of stock for sale is crashing.
“We may expect the same or a similar market dynamic to become manifest in the West Midlands, the South West and the East Midlands towards the end of the year, together with significant price growth.
“What is clear is that this property boom is not going away while borrowing remains so cheap. The market is enjoying significant momentum and demand remains robust. We expect prices to rise consistently through 2016 and into next year.”
