House prices in the Midlands have soared by £3,877 since February 2017, as the housing market bursts back into life.
Only once before, in 2007, has a monthly rise of this size, at this time of year, been recorded. The 1.3% jump in the past four weeks is confirmation that Britain is enjoying a housing boom.
The house sale uplift puts the price of a typical three-bedroom semi in the Midlands at £206,709, according to analysts at Rightmove. In fact, the only region that have experienced a drop in house prices was Wales, with a monthly drop of -2.5%. The average house price in the area now stands at £173,073.
Miles Shipside, Rightmove director and housing market analyst commented, “Since the start of the decade, the average March price rise has been 0.9%, so this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price. Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the Stamp Duty tax deadline of April 1st.”
Rightmove’s research certainly indicates that the UK’s housing market is changing. Contrary to past booms, it is the Midlands region that is driving the market, rather than the southern or northern half of the UK in both monthly and annual house pricing metrics.
If you’re looking to sell your property and take advantage of the surge in house prices, get in touch today.