Property price growth in the UK is now being led by the midlands according to the latest figures released by property website Rightmove for March 2017.
Average asking prices for property across the country rose by 1.3 per cent in March, a slight decline from the 2 per cent seen in February.
Annual property price growth was 2.3% in March for the second consecutive month, taking the average price of a property up to £310,108.
The most notable increases were seen in the Midlands, with the East Midlands seeing the fastest rate of property price growth nationally at 5.7 per cent over the year and 2.1 per cent for the month.
East Midlands average property prices have now reached an all time record high and finally broken the £200,000 barrier to hit an average of £200,620.
The West Midlands followed closely behind its neighbour with an annual increase of 4.2 per cent and the same monthly rise of 2.1 per cent.
Figure from the Office of National Statistics (ONS) show that property prices in England and Wales have now increased by a huge 259 per cent since coming out of the housing slump in 2007. This compares to an average rise in earnings during the same period of just 68 per cent.
Rightmove director and housing market analyst, Miles Shipside, believes that the latest property price growth figures reflect the resilience of the property market, in the shadow of Brexit.
He commented: ‘Since the start of the decade, the average March price rise has been 0.9%, so this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price.
‘Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the stamp duty tax deadline of 1 April.’
He also recognised the rise of the midlands in the property price growth equation, saying: ‘The pace is no longer being set by the more affluent commuter-belt south, including London with its international appeal. Neither is it set by the cheaper north driven by a mass of investors swooping on high buy-to-let yields. As markets in other areas of the country become more mature and run out of price-rise steam and froth, the fundamentals of the Midlands have come to the fore.’