East Midlands House Prices Have Soared by 77% Since 2013
The East Midland’s property market has witnessed a staggering 77% surge in house prices between May 2013 and May 2023, ranking it among the highest increases in the country. The latest Government Land Registry data, analysed by Fast Skips, places The East Midlands 2nd out of England’s nine regions for the most significant inflation, making it one of the most notable price hikes during the past decade.
Leicester Leads with a 93% Price Increase
Leicester had the most significant change in house prices, experiencing a shocking increase of 93% in property values over the ten-year period.
The average house price in Leicester has soared from £122,700.00 (£122,723.00) to an impressive £237,000 (£237,252.00).
Top 4 House Price Increases Across East Midlands:
- Derby – £123,794 to £206,746 – 67.01% increase
- City of Nottingham – £100,516 to £188,750 – 87.78% increase
- Lincoln – £116,528 to £184,163 – 58.04% increase
- Leicester – £122,723 to £237,252 – 93.32% increase
The Future of East Midland’s Property Market
While this surge may present a promising opportunity for those looking to profit, it also poses challenges for first-time buyers aiming to enter the property market.
On June 22nd, 2023, the Bank of England implemented its 13th consecutive increase, setting the base rate at 5%. This marks the highest base rate in 15 years, sparking concerns about the potential impact on borrowing costs. As borrowing becomes more expensive, homebuyers may face limitations in their purchasing power, potentially affecting the amount they can secure for their house purchase.
Adopting a wait-and-watch approach could lead to cost savings for those considering their first home or relocating to a new area. However, current homeowners looking to sell may find it advantageous to seize the tail-end of the recent house price boom. It’s essential to acknowledge that market dynamics can be unpredictable, necessitating buyers to be quick-thinking and decisive in their house-hunting endeavours.
Lee Jarman, Supply Chain Director from Fast Skips, emphasises, “Our study into the property market was prompted by a 45% increase in skip hire purchases for house renovations across Derby, Nottingham and the whole of the East Midlands. Over an 18-month period, this spike suggests that property renovation is becoming an attractive and affordable alternative for homeowners seeking to maximise their investment returns without navigating the competitive buying market.”
