Leicestershire sees mini-boom in house prices

House prices in Leicestershire have grown by 6.9% annually, according to the latest Rightmove House Price Index for August.

This compares to an annual growth rate of 3.1% across England and Wales. House prices in the month of August itself cooled slightly by 0.9% across the UK, with the average asking price dropping slightly from £316,421 in July to £313,663 this month.

Whilst some parts of the country are struggling with the summer holidays keeping many buyers away, the East Midlands is seeing a mini-boom.

Derbyshire has one of the “hottest markets” with asking prices up annually by 7.9%. In Nottinghamshire that figure is 7.1%. Along with Leicestershire, all three counties have seen year-on-year rises of over twice the national average.

Rightmove’s data provides trends on asking prices, rather than completed transactions which are provided by the Office of National Statistics or HMRC. This provides a valuable indication of current market sentiment.

Brian Murphy, Head of Lending for Mortgage Advice Bureau commented on Rightmove’s findings: “For many, the report may make for quite reassuring reading, as it would appear that although there was a marginal decrease in asking prices last month, this is normal and has actually been the same for the last seven years.”

“In any event, with asking prices on average across the UK still seeing annual growth of 3.1%, the market is still ticking over nicely.”

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