Mon 20 Feb 2017
Last week’s latest property report by Home.co.uk has highlighted the rapid appreciation of property prices across our region, the East of England. This explosive price growth reverses previous falls in December and January and takes the average home price (both regionally and nationally) to a new all-time high.
Average home prices in the East of England have grown by 9.9% year on year – twice as fast as the next best region (East Midlands).
Tim Lovett, Managing Director at Lovett’s says “Quarter 4 of this year has been extremely busy for us, with both Sales and Lettings activity defying all the negative property market stories in the media at present. However there is a concern that with supply also rising fast (8% year on year), this cannot be sustainable as peoples earnings and rents are being left behind.
At present, the average property price is 10.8 times the average salary across the region, with rents accountable for 42% of the monthly wage. This seems to be an eastern bubble as the supply of property entering the market nationally dropped by 5% year on year.
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