Derby house prices continue to rise
The average cost of a home in Derby has risen 3.2% over the last three months.
HOUSE prices in Derby and Derbyshire are continuing to rise, according to a new report.
The Nationwide House Price Index, published this morning, reveals that in the last three months, the average cost of a property has risen to £181,679 - an increase of 3.2% compared to the previous three months when it stood at £176,002.
The research also said that prices in Derby were 8% higher than they were a year ago.
In the rest of the county, the average cost of a home now stands at £181,689 – 9% higher than a year ago.
According to Nationwide, Derby is one of the areas in the East Midlands where house prices have risen the fastest over the past decade.
It is on a par with Nottingham, where prices have risen 13%. The only other area in the region that has seen faster growth is Nottinghamshire (15%).
Across the East Midlands as a whole, house prices grew by 2% over the past three months, with homes now costing an average of £157,293.
Nationally, house prices have risen by 1.5% over the past three months, with the average cost of a home now standing at £188,810.
London remains the most expensive region to buy a home and Northern Ireland the cheapest.
Concerns remain that rocketing house prices in the capital are causing the market to overheat. But Nationwide’s latest report would suggest that the pace of growth may be slowing.
Over the past three months, the average cost of a home in London has grown by 0.9% and now stands at £401,072.
The Nationwide’s data shows that over the past 12 months prices in the capital have grown by 21%.
Robert Gardner, Nationwide’s chief economist, said: “Among the English regions the South continued to outperform, with double-digit growth rates recorded in London, Outer Metropolitan, Outer South East and East Anglia.
“The North was the weakest English region, with prices up 4.3% over the year.”
Source: www.derbytelegraph.co.uk
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