House prices in Huntingdonshire continue to climb amid regional slowdown

House prices in Huntingdonshire increased by more than two per cent year-on-year.

House prices in Huntingdonshire increased by more than two per cent year-on-year. - Credit: Archant

House prices in Huntingdonshire increased by 2.1 per cent in April, contributing to a 2.9 per cent rise over the last 12 months.

The latest data from the Office of National Statistics shows that the average property in the area sold for £264,053 - significantly higher than the UK average of £228,903.

Across the East of England, property prices have risen by 0.6 per cent in the last year, to £289,436. The region underperformed compared to the UK as a whole, which saw the average property value increase by 1.4 per cent.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Huntingdonshire will have seen their property jump in value by around £73,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Huntingdonshire in April spent an average of £211,772 - around £58,000 more than it would have cost them five years ago.

Residential research analyst at estate agent Savills, Lawrence Bowles, said: "UK house prices grew 1.4 per cent in the 12 months to April - less than half the rate of price growth this time last year.

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"The regional split in house price growth has become even more pronounced in the last few months, with the London market and associated commuter locations most impacted by political and economic uncertainty. Prices fell 0.8 per cent in the South East, having grown 2.5 per cent in the previous 12 months.

"Wales was the standout region for house price growth in the last year, with growth of 6.7 per cent. Price growth in the next-fastest growing region, the East Midlands, was just 2.6 per cent, down from 5.2 per cent in the previous year."

Between March last year and February this year, the most recent 12 months for which sales volume data is available, 3,034 homes were sold in Huntingdonshire, four per cent fewer than in the previous year.

The highest house prices in the country in March were found in London's Kensington and Chelsea, where properties sold for an average of £1.29 million - 15 times the cost of a home in Burnley, where the average property cost just £84,000.