House price increase continues across the East of England

The high-end rental market is booming in St Albans and Harpenden. Picture: Getty Images/iStockphoto

House prices have been increasing rapidly in our region. - Credit: Getty Images/iStockphoto

House prices in the East of England increased by £56 per day on average in the six months to the end of August, new data has confirmed.

This was up from £35 per day typically over the previous six months (July 2020 to January 2021), Zoopla said.

Across the UK, the average house price in August was £235,000, which is a record high for Zoopla’s index.

The average property has piled £17,508 onto its value since March 2020, the month that the coronavirus lockdowns in the UK started.

But not everywhere has seen prices increasing: while average house prices have gone up by £23,357 in Cambridge since March 2020, they have fallen by £2,600 in Aberdeen over the same period, Zoopla said.

Since February, typical house price increases have ranged from £64 per day in the South East and £63 per day in the South West of England to £22 in Scotland and £24 in the North East of England.

The stamp duty holiday in England and Northern Ireland was tapered from July and will end on September 30.

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Grainne Gilmore, head of research at Zoopla, said that buyer demand remains higher than typical levels for this time of year.

She said: “The demand coming from buyers searching for space, and making lifestyle changes after consecutive lockdowns, has further to run.

“Balancing this however, will be the ending of Government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through (the fourth quarter of this year).

“We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year.”

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