House prices went through the roof between April and June and added £156 billion in value to UK homes. In fact, during those three months, house prices in the East Midlands, Wales and Yorkshire increased more than in London.
According to figures from property website Zoopla.co.uk, house prices soared by £65 a day on average between April 1 and July 1. Their study found that all 11 UK regions saw average property prices rise by at least 2% – the first time this has happened since the credit crunch in 2008.
However, the biggest increases were outside the capital as the East Midlands lead the way with a 2.78% jump – beating the national average of 2.56%. This increase takes average house prices in the East Midlands from £161,415 up to £165,910.
It all means that the housing market is at its strongest since the Lehman Brothers collapse in 2008. Mortgage lending has improved markedly this year, which is unclogging the bottleneck at the lowest end of the property market.