East Anglia: Region lags behind house price increases
- Credit: PA
East Anglia was the region with the nation’s second-lowest rise in house prices in May during a record breaking month for the rest of the country.
Month-on-month house prices increased by 3.6% across the nation- adding almost £10,000 on the value of an average property since April.
In East Anglia the increase was a more modest 1.7%, which was the second lowest of the 10 English regions listed. The south east saw a 4.5% rise over the same period.
Miles Shipside, Rightmove director and housing market analyst said: “May is a traditionally bullish price rise month, though this year’s 3.6% jump beats the previous May high of 3.2% set in 2002.
“A late Easter in the heart of the house-hunting season has not only concertinaed the traditional hottest home-moving period by several weeks, but also stagnated seller numbers, further stirring up prices in areas of buoyant demand.”
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Over the past year, East Anglia’s house prices have risen by 4%, with the average home costing £242,761.
Nationally, the average house price has raised by 4.9% to an average of £272,003 – a new record high.
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Rightmove has reported that demand for housing remains strong.
Mr Shipside said: “In spite of every region having average new seller asking prices higher than a year ago and it being the peak time of year to attract buyers, the lure of bank holiday breaks meant that fewer sellers marketed their properties this month compared to last.
“The lack of fresh choice will frustrate buyers and lessen their negotiating power in popular locations as pent-up demand continues to be released and more buyers have the confidence and ability to act after years of inactivity.”