A new report by the Office of National Statistics (ONS) has shown that house prices across the UK have continued to rise at around 5% a year and that the East Midlands has become the new front runner while London trails behind.
Earlier this year UK property prices had begun to stall with growth being reported at only 3.8%, the lowest rate since October 2013 but a healthy summer boost has seen growth return to 5.1%. The majority of the growth has been seen outside of London with the East Midlands benefitting from the highest annual growth, with property prices increasing by 7.5% in the past year up until July 2017. These figures suggest a relatively stable market at a time when many were expecting more hesitation from buyer and sellers.
Rental figures are also on the rise across the UK, the average price paid to private landlords rose by 1.6% across the country and again the East Midlands region saw the fastest rise in Britain with an increase of 2.8%. The East Midlands was closely followed by the South East (2.6%) and the South West (2.1%)