REVEALED: The surprise area in Britain seeing bumper house price rises of 7.5%
HOUSE prices have shrugged off gloomy Brexit forecasts, as some parts of Britain outside of the South East reap large growth, official data revealed today.
By Lana Clements
Values across the UK increased by 4.6 per cent in the year to May, taking the average price to £220,713, according to the latest figures from the Office for National Statistics (ONS).
On a regional basis, prices are rising fastest in the East of England, with annual growth of 7.5 per cent, and the North East speeding ahead month on month with 1.8 per cent growth.
In a reversal of fortunes of recent years, the South East and London both saw the biggest monthly price falls of 0.3 per cent - although annual growth remains at three per cent and 4.8 per cent respectively.
Britain’s house price hot spots where values are rising fastest
Nick Leeming chairman at estate agent Jackson-Stops & Staff said: "Home owners in the East of England will no doubt be delighted that their region continues to accelerate ahead of the rest of the UK, exhibiting the highest annual growth rate of any region yet again.
"All regional markets remain positive in terms of annual growth which just goes to show the resilience of the UK property market despite the various uncertainties generated by Brexit and politics at home.”
Yearly prices rises in London are now the lowest in England, except for the North East with growth is at 1.6 per cent.
Paul Smith chief executive of estate agents haart said: "Today’s data also gives the first full picture of how the regional outlook has changed following the introduction of a Stamp Duty surcharge.
"This time last year London was leading the way with almost 14 per cent annual growth.
"Today we see it trailing behind the rest of the country, bar the North East, with just three per cent growth.
"Although this may come as welcome news to those looking to buy in the capital, it does show the extreme effect the Government’s move has had on London’s economy, and on the rental market.
"Our latest monitor shows the Landlord registrations are down 52 per cent on the year in the capital.
"And there is no doubt that this is due to the Stamp Duty change.”