East Anglia: House prices increased by an ‘unprecedented’ 3% in May
- Credit: nick strugnell
Property prices in the region went up by 3% last month – the fastest monthly rise since 2010.
In May, the average price of a house in East Anglia was £160,003, which is the highest it has been all year.
As well as the “unprecedented” jump in house prices in May, new figures show that the number of house sales in the region rose annually by 18%, above the national average.
Estate agents claim the figures show there has been a “confidence boost” in the market across the region.
Giles Hart, area director for William H Brown, part of the 300 branch Sequence group, said: “Average house prices in Eastern England have seen record growth, with an unprecedented 3% rise in prices since last month.
“The number of transactions in the region has risen by 18% annually, well above the national average of 12% and an overwhelming testament that buyers are willing and able to meet rising prices.
“A strengthening mortgage market has undoubtedly had a role to play in this regional confidence boost, with applications for mortgages 31% higher than a year ago.
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“Great Yarmouth is indisputably the jewel of the East with house price rises of 6% annually, combined with a 6% increase in the number of sales in May.
One key reason for this rise is Great Yarmouth’s status as an Enterprise Zone, which is encouraging businesses and new employment to the area and subsequently drawing new buyers and competition.”
He said May is historically a busy time for the housing market but the average price point and the rate of growth was unprecedented due to three main reasons; increased mortgage availability, a higher rate of sales and increasing competition – with the number of new buyers increasing at double the number of new instructions.
While the East Anglian property market shows strong signs of improvement, the UK’s average house price has risen to £195,682 – the highest level for over two and a half years, when the figure stood at £197,598 in October 2010.