Rise in home prices in East of England
Asking prices in the East of England are rising faster than anywhere else in the UK, raising concerns about the sustainability of the region’s property market. The region’s average asking price has risen twice as fast as the rest of the country over the last 12 months, according to the June index from property search engine Home.co.uk.
Year on year prices in the East of England increased by 13.9%, compared to an England and Wales average rise of 6.8% and a rise of 6.7% in Scotland over the same period.The data also shows that the East of England’s rises far outstrip Greater London’s 7% year on year rise and the South East’s increase of 7.8%.Properties are also selling faster in the East of England than in any other region. The typical time on the market for homes in the East of England in June is 54 days, compared to 80 days across England and Wales and 62 days in London.