Tuesday, 12 September 2017

Housing costs rose fastest in East Midlands official figures show

The cost of renting or buying a home rose fastest in the East Midlands in the past year, official figures show.

House prices in the region, which includes Nottingham, Leicester and Derby, went up by 7.5% in the year to the end of July.

The region also saw rental prices rise by 2.8% in the year to August - the fastest in Britain - the Office for National Statistics (ONS) said.

Across the UK, house prices rose 5.1% in the year to July, the ONS said.

The rate was unchanged from June, but has slowed since mid-2016. The average UK house price was £226,000 in July.

The ONS figures also show that rental prices paid by tenants to private landlords in Britain rose by 1.6% on average in the year to the end of August, down from 1.8% the previous month.

The increases were primarily in England, where rents went up by 1.7%, with Wales recording a 1.3% rise and Scotland seeing a 0.3% increase.

All regions of England saw rents rise over the past year, but the fastest increase was in the East Midlands, followed by the South East (2.6%) and the South West (2.1%).

The second fastest growth in house prices - after the East Midlands - was in the East of England (7.1%).

Prices grew by 7% in the South West, where the average price of a property moved above £250,000 for the first time, according to the ONS figures.

BBC   News.

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