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East Midlands house prices reach 12 month high

House prices reach their highest in a year Credit: Rui Vieira/PA Wire/Press Association Images

House prices in the East Midlands reached a 12 month high in August, according to a survey by the Royal Institute of Chartered Surveyors.

47% more respondents to the survey said that prices in the region had risen, while 35% more of those asked expected prices to continue rising in the next three months.

Across the country, it's estimated that house prices will rise by 6% over 2015, despite the rise being predicted at just 3% at the beginning of the year.

The survey found that a shortage of new houses on the market, combined with more demand from buyers is leading to asking prices going up.

81% of homes in the East Midlands "unaffordable" for average family

New research from the housing charity Shelter has found that 81% of homes on the market in the East Midlands are unaffordable for the average family.

The charity looked at asking prices for thousands of homes in the region and compared them with average mortgages that first time buyers and families can afford based on average wages.

Single people in the East Midlands have the least chance of getting on the property ladder, with only 6 out of every 100 homes on the market affordable for someone on an average wage, according to Shelter.

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77% of properties for sale in West Midlands "unaffordable"

New research from the housing charity Shelter has found that 77% of homes for sale in the West Midlands are unaffordable for the average working family.

The charity looked at asking prices in the region and compared them with the mortgages that people on average wages could afford as first time buyers.

The charity found that single people in the West Midlands have the least chance of getting on the property ladder. Only 6 out of 100 homes on the market are affordable for someone on an average wage, according to Shelter's research.

Rent prices across the Midlands hit all-time high

The cost of renting in the Midlands has never been higher, according to a new report.

The latest Buy-to-Let Index from LSL Property Services plc shows that across the country, average rents rose by 1.8 per cent between August and September, up to £757.

Rental prices have never been higher in either the East or West Midlands Credit: Andrew Matthews/PA

This leaves the average rent 2.1 per cent higher than this time last year.

The West Midlands saw the third highest increase in rental prices in the country, going up by 2.6 per cent between August and September.

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Increase in West Midlands home buyers

The West Midlands are experiencing their highest level of house buyers since figures were first collected by the Office for National Statistics (ONS), in 1999.

Estate Agent's boards in Stockwell, London Credit: Anthony Devlin/PA Wire/Press Association Images

The Royal Institution of Chartered Surveyors (Rics) have said more first-time buyers have been entering the market and sellers appear to be more confident about sticking close to their asking prices.

Alongside improved buyer confidence, more potential sellers are looking to test the market. Last month saw 15% more surveyors reporting rises, rather than falls, in new instructions.

House prices have risen more in the East Midlands than anywhere else in Britain outside London

House prices doing well in the East Midlands Credit: Dominic Lipinski/PA Wire/Press Association Images

House prices have risen more in the East Midlands than anywhere else in Britain outside London.

The figures from the Office for National Statistics show that prices have risen by 3.6% in the last year. Properties in the West Midlands had the next highest rise at 2.4%

The average price paid by first time buyers for a house is now £179,000.

House prices drop in the Midlands

Credit: PA

House prices in the Midlands are down compared to March last year, despite a rise nationally.

Figures show that prices in the East Midlands have fallen by almost one percent – while prices for properties in the West Midlands have dropped by almost four percent.

Nationally, house prices have increased by seven per cent.

House prices set to rise according to survey

Good news for property owners in the West Midlands Credit: PA

House prices across the West Midlands look set to increase over the next few months. That's according to the latest housing survey carried out by the Royal Institute of Chartered Surveyors.

Last month, house sales in the region were stable. It's the first time in 2 and a half years that there wasn't a drop.

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