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.