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East of England property recorded the biggest annual increase in 2016

January 20th 2017
By: Melanie
East of England property recorded the biggest annual increase in 2016

According to the latest figures from the ONS, Office for National Statistics property prices increased by 6.7% in the 12 months to November 2016. Prices were also up by 1.1% month on month. The average property price in the UK now stands at £217,928. The biggest increases were seen in England where prices were elevated by 7.2% over 2016.

House prices in the month of December were up by 0.4% according to LSL/Acadata House Price Index. They also stated that Hull was the top-performing unitary authority with annual price growth of 16.2% with the largest price falls in Hammersmith and Fulham. The highest-performing region was in the East where house prices rose by 7.9%.

Richard Durrant, Managing Director of Intercounty stated: ‘After the initial shock vote to leave the EU last June, these latest property figures reflect that the market has made a steady recovery. Interest rates remain at a record low, which has helped to boost mortgage lending so the although the market remains cautious there has been a renewed optimism for 2017.’

‘It will be interesting to see what changes the Government proposes in its long awaited Housing White Paper due to be released later this month, we are hopeful that it will tackle the housing shortage, adding a renewed vigor to the housing market,’ he continued. 

If you are thinking of moving in 2017 why not contact our team on 01279 655243 or pop into your local branch of Intercounty for a coffee and a chat.

Sources:

ONS – housing index

LSL/Acadata House Price Index