As 2017 draws to a close, we look at how house prices have changed over the last year, and how it compares to the previous 12 months.
Nottingham House Prices
Overall, Nottingham house prices have risen 5.1% over the last 12 months. The average house price in Nottingham now stands at £144,700, according to Hometrack. When compared to London, house prices only rose 3% since 2016.
The land registry also suggests that Nottingham house prices will grow faster than any other UK city over the next 10 years. If growth continues as it did over the Spring and Summer, house prices could increase at a whopping 160%! This would make a £100,000 property worth £260,000 in 2027. Find out more.
Rightmove’s data shows a much more favourable rise with an average house price of £183,878. They also suggest house prices have increased 16% since 2014, when the average price was £158,915.
East Midlands House Prices
The East Midlands as a whole has seen a growth of 5.5% since 2016. The average house price has changed from £195,890 to £206,734. This is actually the largest growth across the country when compared to other regions. The closest were the West Midlands at 5.1% and Yorks. & Humber at 3.8%.
UK House Prices
City house prices have grown 6.1% which is the largest growth since September 2016. Hometrack report house price growth remains robust in regional cities due to affordability levels remaining attractive and unemployment falling.
The government recently announced that stamp duty would be abolished for all first time buyers when their house purchase price sits below £300,000. There have been thoughts that this may push house prices up further, so watch this space for more news!
How much is your house worth?
When did you last find out how much your house is worth? Has it gone up more than 5.5%? You can find out by booking a valuation using the form below.
Mortgage Interest Rates
The Bank of England increased interest rates earlier in the year from 0.25% to 0.5%. Mortgage rates could rise due to this, although this is unlikely to deter buyers too much with the positive growth news. If you are worried about your mortgage repayments increasing, we would advise having a 5 minute chat with our mortgage advice team to check if you are on a good fixed rate deal.
Contact our mortgage team here.