House prices in East of England rise by fastest rate outside of London to reach £288,000
- Credit: Archant
House prices in the East of England rose by 11.9% in the year to November – the fastest rate outside of London and reversing a decline in the region, official figures have shown.
After average house prices in the region hit an all-time high of £289,000 in September, they fell for the first time in a year in October to £284,000.
But after property values leapt by 11.9% in the year to November, the average house price in the region was £288,000 in November, the Office for National Statistics said today.
The annual 11.9% rise was faster than the national 10% increase and was only second to London, where a 15.3% rise – the lowest for 11 months – pushed values to £501,000.
The national average house price in November was £271,000 – an unchanged figure from October.
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Many reports showed a general cooling of the housing market as 2014 came to an end.
An increased mood of caution among house-hunters and speculation over exactly when interest rates are likely to start rising, pushing up mortgage costs, were suggested as being partly behind the slowdown.
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But the Government’s overhaul of stamp duty in December has prompted expectations that the market could be poised for a pick-up in early 2015.
The move will result in a cut in stamp duty for the vast majority liable to pay it, potentially encouraging more people to buy and sell homes.
Howard Archer, chief UK and global economist for IHS Global Insight, said: “We suspect that the weakening in housing market activity may be close to bottoming out and we see it picking up to a limited extent in 2015 from current levels.”
Campbell Robb, chief executive of housing charity Shelter, said property prices remain “sky high” despite the recent softening in the market.
He said: “Shelter hears from people every day who are desperate to put down roots for their family, but have lost hope of ever having a home of their own.”