Spanning from the outer London commuter towns and up along the eastern coast, the East of England region has experienced a mixture of strong and slower-paced levels of growth - but it still outperforms the North on price on the whole.
1. The statistics:
- Average price of a property in the East of England: £190,004
- Monthly change: +1.3%
- Annual change: +8.9%
2. The outlook:
- Slower levels of growth
Unlike the South East, this region has had to settle for slower levels of growth as a whole. Yet there are definite localised fluctuations in this trend, with Cambridge and its surrounding areas, as well as parts of North Essex experiencing patterns akin to their South Eastern neighbours.
- Housing needs
Housing is an issue affecting many of the smaller towns and cities that make up this region. Gordon Brown's commitment to build more housing across the UK was warmly welcomed by the East of England Development Agency.
Chief Executive David Marlow said: "This confirms what we've been saying for some time - small cities matter. Our region as a whole is performing well - and we are gearing up to deliver half a million new homes by 2021 - but we are not yet realising the full potential of places in the east."
- Cambridge outshines the rest
The property market in Cambridge and its surrounding areas deserves a mention of its own. According to Rightmove, the average price of a home in the city soared to £314,000 in June 2007, up almost £60,000 on last year. It's a similar story for the rest of Cambridgeshire, with an annual 16.6% rise in prices. Huntingdon and Ely also performed well.
As such, more first-time buyers are struggling to afford their first home here.
3. Place to watch:
Harlow in Essex. A £50.1 million scheme for housing and regeneration here, known as the Harlow Gateway, has recently been unveiled. It marks the 60 year anniversary of the new town.
The housing market by region
Useful links
- Recent property sales - see what's sold in Coventry
- Average property prices - examine local trends in Coventry
- Find a property - look for your new home in Coventry
- Property valuation reports - get an instant home valuation for £19.95
Average price, annual % change
- Cambridgeshire: £194,380, +8.8%
- Essex: £199,176, +7.1%
- Lincolnshire: £145,953, +7%
- Norfolk: £163,506, +9.8%
- Northamptonshire: £158,432, +8.1%
- North East Lincolnshire: £103,895, +9.6%
- North Lincolnshire: £124,714, +9.8%
- Peterborough: £131,387, +6.3%
- Suffolk: £169,548, +8.6%
Source: Land Registry: May 2007
Your comments (3)
Mike N (Peterborough), on 28/10/2007 at 19:30
The Hampton's in Peterborough must be the best place to buy with cheapest houses in Area with highest rental yields with detached houses way below other areas and even cheaper than flats.
forget london for buy to let try here - we're going ahead 1100pcm rent on 240k investment amazing. Plus its avery up-market and family friendly place to live. An undiscovered Jewel!
Neil (Colchester), on 16/10/2007 at 15:56
I agree with the previous comment, high house prices are not good for the economy. The more money that people are paying for mortgages, the less that there is for people to spend in the economy. It is only select people that benefit, most notably the lending organisations. Why should we put up with rising house prices? Remember what happens if petrol prices do rise? We need something to bring down prices, perhaps a phased approach to mortgages, or a maximum multiplier, such as 2.5 or 3.0. PS I am a surveyor, and do not benefit from high house prices.
Nick (Uttlesford), on 05/07/2007 at 13:16
Since when have soaring house prices been good news? A house is primarily a place to live, and rising prices simply make it more and more difficult to find accommodation or to move house.
From my perspective, rapidly rising prices do not equate to "performed well".
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