Despite the summer being a traditionally slow time for the UK housing market, the summer of 2017 is bucking the trend with a property mini-boom. According to the August 2017 Rightmove House Price Index, the middle of the country is experiencing an unexpected property ‘mini-boom’.
The average house price of property coming onto the market in the UK fell back slightly this month from £316,412 in July to £313,663 (-0.9%), which is expected for this time of year.
However, the mid-counties in the UK bucked the trend by showing a strong increase in average house prices. Overall, the East Midlands leads all other regions, including London, with +6.8% increase annually. Average prices in the region now stand at £208,254 compared with August 2016 at £194,908 (+£13,346).
With regards to the individual counties, Northamptonshire (+9.1%), Derbyshire (+7.9%) and Norfolk (+7.4%) were the three showing the greatest increase within the identified property mini-boom.
Chris Pick, Business Development Manager at Alasdair Morrison & Partners commented:
“This information is reflected in our own experiences within the local housing market. The Newark and Southwell property market has maintained a steady growth throughout 2017 and is only being held back by a lack of quality housing stock.
“We have qualified and motivated buyers who are happy to make offers on quality property, priced appropriately. This summer we have agreed sales on properties in some incredibly short timescales, such as five days, two days and even 24 hours on the market.
“Our advice to vendors is, if you’re thinking of selling your property, then don’t delay. You too can take advantage of this property mini-boom. Speak to us today to arrange your free, no-obligation market appraisal and let us tell our waiting vendors about your house for sale.”