House price growth and how our region compares to the rest of the country

Anyone seeking to buy or sell their home over the past year will already be well aware of the increase in the price of all kinds of properties. However, there is hope on the horizon for those struggling to afford the move, as this figure is finally beginning to moderate again.

According to data published by the Guild Property Professionals, house price growth in our region is currently one of the lowest in the entire country, at just 4.2%, with the highest national rates being Scotland at 11.6% and East of England at 9.7%.

This is in comparison to a rate of 7.6% for our region at the beginning of the year, which is a significant difference. Even so, despite price growth decreasing, property is still in short supply, consequently only taking around 30 days on average to come under offer. Delays seem to be coming instead predominantly by factors such as issues in conveyancing and slow completions.

We will continue monitoring the market over the next few months, but our prediction is that prices continue to moderate, the market will begin taking steps towards a return to pre-pandemic levels.