UK house prices: the East of England overtakes London as the fastest-growing region

Latest Land Registry figures reveal the capital has been forced into second slot.
The East of England has overtaken London as Britain's fastest-growing region, according to latest Land Registry figures revealing average house price gains and falls across the country during July.

House prices in the East, taking in areas from Hertfordshire to Norfolk, now average £210,000. They have risen by an average of 8.9 per cent over the past year, compared to 8.3 per cent in the capital.

The South-East - including Berkshire, Buckinghamshire, East and West Sussex, Hampshire, Kent and Surrey - comes a close third, with prices up 8.2 per cent. It may be hot on London's heel in terms of growth, but its house prices are significantly lower - averaging just over £250,000 compared to almost £490,000.

These remain the only three regions where average prices top £200,000, and London house prices are almost five times higher than those in the North-East, which saw the slowest annual price growth, rising just 0.4 per cent to £100,670.

STARTING WITH THE NORTH-EAST IN 10TH POSITION, WE REVEAL THE LATEST HOUSE PRICE GROWTH RATES ACROSS THE UK...


The North-West and Wales, home to some of the most affordable housing in the UK, have also experienced slowing house price growth.

However, both Yorkshire & The Humber and the West Midlands - the latter stretching from Wolverhampton to Coventry - pulled themselves back from monthly negative growth.

“The long-term trend of annual house price growth may still be sliding downhill but in the short term, monthly growth is heading skyward," says Adrian Gill, director of Your Move and Reeds Rains estate agents.  
 
“More recently in July, we saw monthly first-time buyer sales hit a post-recession record. Since the financial crash, a Bank of England base rate of 0.5% is all first-time buyers have ever known, and many were keen to agree mortgage deals and complete property purchases before this changed.  While an interest rate rise has been relegated into next year by the Chinese stockmarket crash, play won’t stop for those looking to buy a home before borrowing inevitably becomes more expensive.”

The South-West, which runs from Gloucestershire to the Isles of Scilly, and the East Midlands, which contains the cities of Derby, Leicester, Lincoln and Nottingham, continue to show steady growth.

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