The housing market in the East Midlands has undergone some significant fluctuations over the past year, and the latest data released by the Land Register reveals some interesting insights. According to analysis conducted by Pinerock Finance, the average residential house price in the East Midlands region during the month of January was £219,500. This is a noticeable decrease from December's average of £230,000, reflecting a change of -4.57%. Additionally, compared to a recent high of £239,475 in August, the current prices represent a change of -9.1%. However, the average price of a house 12 months ago was £215,000, indicating a small increase of 2.1%.
The changes in average values for different property types between December and January were as follows: detached houses fell from £350,000 to £345,000, semi-detached houses rose from £212,000 to £216,500, terraced houses decreased from £178,000 to £160,000, and flats declined from £132,500 to £117,000.
Looking at the national figures, the average residential house price in England and Wales during January was £275,275. This is a slight decrease from December's average of £280,000, indicating a change of -1.69%. Additionally, compared to a recent high of £290,000 in September, the current prices represent a change of -5.3%.
The house prices in different towns and cities across the East Midlands also offer some interesting insights. For example, in Leicester, the average residential house price in January was £267,500, representing a small increase of 2.88% compared to December's average of £260,000. Compared to a recent high of £270,000 in September, the current prices represent a change of -0.9%. However, the average price of a house 12 months ago was £240,000, indicating a substantial increase of 10.3%.
Similarly, in Nottingham, the average residential house price in January was £235,000, which is a moderate increase of 1.95% compared to December's average of £230,500. The average price of a house 12 months ago was £200,000, reflecting a significant increase of 14.9%.
In Northampton, the average residential house price in January was £343,000, which is a significant increase of 19.30% compared to December's average of £287,500. The average price of a house 12 months ago was £250,000, indicating a substantial increase of 27.1%.
On the other hand, in Peterborough, the average residential house price in January was £235,000, which is a slight decrease of -2.08% compared to December's average of £240,000. Compared to a recent high of £255,000 in November, the current prices represent a change of -8.5%. However, the average price of a house 12 months ago was £220,500, indicating a moderate increase of 6.2%.
In Chesterfield, the average residential house price in January was £232,550, which is a significant increase of 32.13% compared to December's average of £176,000. The average price of a house 12 months ago was £175,750, indicating a substantial increase of 24.4%.
Lastly, in Wellingborough, the average residential house price in January was £188,000, which is a substantial decrease of -20.84% compared to December's average of £237,500. Compared to a recent high of £257,000 in August, the current prices represent a change of -36.7%.
Despite the overall trend of falling prices in the UK property market, the East Midlands has seen its fair share of fluctuations over the past year. While some areas have experienced significant increases, others have seen a decrease in house prices, particularly in the last few months. However, with the belief that interest rates are nearing the end of their climb and a slightly more optimistic outlook for the next few months, it remains to be seen how the property market in the East Midlands and the UK as a whole will fare in the coming months.