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Northamptonshire town has UK's fastest rising house prices

House prices rise in the East of England Credit: Yui Mok/PA Archive/PA Images
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Great Yarmouth has the lowest average house price in the region

Wellingborough in Northamptonshire has the fastest rising house prices in the UK, say new government statistics. Prices there soared 15% in the year to August 2017, with the average costing £215,000.

In both the East of England and the East Midlands prices were up 6.4% from last year, more than double the rate of inflation. However, several areas including Mid Suffolk, East Northants and Peterborough were hit with house price rises of over 10%.

House prices in the region are now the highest in the UK outside of London and the South East. The average UK house price was £226,000 in August 2017. In St Albans, where house prices are the highest in the region, the average was £526,216.

Welwyn Hatfield was the only place in the region where prices dipped and the lowest average house prices were seen in Great Yarmouth (£161,992), Corby (£178,131), and Fenland (£179,984).

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Cambridge house prices increase five-fold in two decades

House prices in Cambridge have risen faster than any other part of the UK outside London. Credit: ITV News Anglia

House prices in Cambridge have risen five-fold in since 1995 according to new figures released by the Office of National Statistics.

The median sale price of a house in the city in 2014 was £350,000, up from £70,000 in 1995. That is a 400% increase and the biggest rise of any area of the country outside London.

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Housing market on the up

There's been a rise in the humber of homes being sold here in the East with experts reporting the housing market is almost as strong as it was 7 years ago.

The latest figures from the Royal Institute of Chartered Surveyors show that each surveyor's dealing with 23 sales a month here in The East of England - the highest number since February 2008.

The report says that all the signs are the housing market is showing signs of recovery across the country.

House prices in East Anglia rising faster than most parts of the UK

House prices in East Anglia rising faster than most parts of the UK Credit: Yui Mok/PA Wire/Press Association Images

House prices in East Anglia are still rising faster than most parts of the UK despite a slight slow down during March.

In the first quarter of 2014, property prices in East Anglia rose by 2.9% according to the Nationwide building society. Only two other regions - London and the North - saw bigger rises.

The average price of a house in East Anglia is £179,718, which is 9.5% more than a year ago.

Cambridge is fourth in the list of highest rising prices after Manchester, London and Brighton.

The city saw a 14% year-on-year increase with the average house now worth £405,540 which is more than in London.

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