East Midlands property prices have outpaced London by three times in terms of growth in the last year, according the latest house price statistics.
According to the latest figures from the Office for National Statistics (ONS) property prices in the East Midlands rose by 7 per cent in the year until October. This marks the region out as having the fastest growth in the UK.
In contrast, London had the slowest growth, at just 2.1 per cent. Despite this, house prices in the capital remain the highest nationwide, at £481,000. This is in comparison to the national average of £224,000.
In Northern Ireland, prices were up 6 per cent in the year to October, in comparison to 4.7 per cent in England. Prices rose 4.5 per cent in Wales and just 2.8 per cent in Scotland.
The average house price growth in the UK stood at 4.5 per cent in the year until the end of October, down slightly from 4.8 per cent annual growth a month earlier.
In separate figures from ONS, rent paid to private landlords and investors rose 1.4 per cent in the 12 months to November, down from 1.5 per cent a month earlier. In the East Midlands, a region including Nottingham, Derby, and Leicester, rents rose the fastest in the UK, up 2.7 per cent.
Managing director of buy to let specialist, Sequre Property Investment, Graham Davidson, commented on the release: ‘The overall increase of 4.5 per cent year on year clearly demonstrates the stability of the UK market. Buy to let investors are still benefiting from healthy capital growth and high yields, despite the numerous tax changes and new legislations introduced. This is something we feel will continue into 2018 as landlords prop up the rental sector due to the shortage of housing accommodation. Those who invest wisely can still benefit hugely from a buoyant market over the next 12 months.’