By House prices rising £30 daily in North East Lincolnshire
According to the latest figures, house prices are rising fast in the region.
The figures have shown that house prices are rising at £30 a day in North East Lincolnshire.
The average house price in the area rose by 8.1 percent in the year to March, the Office for National Statistics reported.
An increase from £134,463 to £145,361 in a year, which, on average, means prices have grown by £10,898, or the equivalent of £30 a day.
Nationally, average house prices increased by 9.8 percent during the same time scale, down from 11.3 percent in February.
The average UK house price was £278,000 in March, which was £24,000 higher than the same time last year.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: “The year-on-year increase shows there is still plenty of momentum within the housing market, however, we are now seeing some signs of things starting to cool.
“But we keep coming back to the issue of low supply being the main driver of rising prices. Our member agents are telling us that it’s still an issue and that the number of people looking to buy remains far higher than the number of properties they have listed. This, coupled with incredibly low borrowing rates, is likely to maintain prices in the short to medium term.”
Mike Scott, the chief analyst at national estate agency Yopa, also said the expectation was that the growth would resume in next month’s report, suggesting staying around 10 percent.
He said: “House prices cannot continue to defy gravity forever, but the current shortage of homes for sale and high demand from people who are still re-evaluating their lives and priorities for the post-pandemic world are likely to continue to support prices for at least the rest of 2022, and we do not anticipate any significant falls in nominal house prices this year.
“However with inflation continuing to rise, and early signs that the housing market is beginning to cool off, it would not be surprising if we end the year with house prices rising more slowly than other prices, and so falling in real terms.”
