An estate agency has analysed the latest sold price data from the Land Registry looking at the best performing markets when it comes to the annual rate of house price growth, as well as those to have seen the highest average monthly rate of growth over the last quarter.
This means the data is fresh – as recent as the second half of January.
Best annual performances
While the UK’s overall average fell by 2.1 per cent in the past year according to government figures, many areas saw significant growth. In East Renfrewshire, prices rose by 9.9 per cent while West Lancashire (9.6 per cent), North East Derbyshire (8.0 per cent) and South Tyneside (7.9 per cent) also recorded impressive growth.
Elsewhere around the UK, Maldon (up 6.1 per cent), Wychavon (6.0 per cent), both Oxford and Rutland (each up 5.7 per cent), Barnsley (5.4 per cent) and Stratford-on-Avon (5.2 per cent) also ranked within the top 10 areas to have seen the highest annual rates of house price growth.
Ones to watch
The agency – eXp UK – has also looked at the average monthly rate of house price growth over the last three months to reveal which areas of the property market are currently up and coming.
The analysis shows that UK house prices have fallen at an average of 0.62 per cent per month over the last three months, with the largest regional decline again being seen in London (down 1.45 per cent).
But when the data is analysed beyond the regions and down into the hyper-local market level, it’s revealed that Melton has recorded the UK’s strongest rate of house price growth over the last three months at an average monthly rate of 2.88 per cent per month.
This is followed closely by East Renfrewshire (2.85), Middlesbrough (2.18), Woking (2.14) and Barnsley (2.10).Other top performing local markets in this time period are Rochford, Redbridge, Caerphilly, Bath & North East Somerset and North Hertfordshire.
Head of eXp UK, Adam Day, comments: “Recent headlines may have been dominated by the ‘worst market performance in 12 years’, but a topline view of market health simply doesn’t paint an accurate picture.
“In fact, across many pockets of the property market house prices have increased considerably over the last year, whilst in others, the market has also been building strong momentum in recent months.”
