East of England house prices up by £25K year-on-year

Nationwide has recorded a sharp drop in house price growth. Picture: Getty Images/iStockphoto

House prices in the East of England increased by £24,942 during 2021. - Credit: Getty Images/iStockphoto

The average East of England property increased in value by almost £25,000 last year – the second highest rise in the UK. 

According to new research by mortgage broker Henry Dannell, the average house price in the East stood at £307,274 in January 2021, but by October it had risen to £332,216 – an increase of £24,942. 

While the South East had the largest increase by region at £25,747, some way ahead of London's £16,469, the upmarket borough of Kensington and Chelsea saw the most significant increase of all at £101,171. 

UK-wide the average increase stood at £18,100.

Geoff Garrett, director of Henry Dannell, said: “Not a bad day's work for the average UK homeowner, who is now £18,000 better off than this time last year where the value of their bricks and mortar investment is concerned. 

"Of course, the fragmented nature of the market means that some have fared better than others and there’s no doubt that it’s been a particularly tough year for the London market due to ongoing Covid restrictions and work from home advice from the government.  

"Despite this, the average price paid for a London property has still climbed by a respectable sum and this growth has been largely driven by the capital’s prime boroughs, as travel restrictions have eased, and foreign buyers have once again been able to flock to the most desirable property hotspot in the world.”