Where house prices have rocketed by 25%

Where house prices have rocketed by 25%

0:02 AM, 5th May 2023, About 10 months ago

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Homeowners and landlords in one in five of the UK’s local authorities have seen the average rate of house price growth outpacing the rate of inflation – and in some areas, prices have leapt by 25%, research reveals.

The findings from Octane Capital show that price increases are higher than the current inflation rate of 10.1%.

The property lending firm points out that while the property market has slowed in recent months, the average UK house price has still increased by 5.5% over the last year.

‘Property market continues to hold its own’

Octane’s chief executive, Jonathan Samuels, said: “Despite the wider economic landscape, the UK property market continues to hold its own.

“And while the high rates of house price growth seen in recent times may have returned to normality, homeowners continue to see a return on their bricks and mortar investment across many areas of the market.”

He added: “In fact, in some areas, prices have continued to climb at a substantial rate and so much so that they’ve outstripped the current high rate of inflation that continues to push up living costs.

“However, for those who can achieve it, a bricks and mortar investment continue to be one of the safest you can make, even in the current economic climate.”

Where house prices are outperforming the rate of inflation

The lender says there are 75 local authorities where house prices are outperforming the rate of inflation – and in the Shetland Islands prices have climbed by 24.5% in the last year.

In Carmarthenshire, the average house price has increased by 14.8%, while Fylde (+14.2%), Forest of Dean (14.2%), Broxtowe, Pendle, Bolsover, Rochford (14.1%) and Charnwood (+13.5%) also rank in the top 10 inflation busting areas.

Other areas with fast rising prices include Durham, Thurrock, the City of London and York.


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