High Peak house prices buck national trend

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.2% over the last year. The average High Peak house price in November was £262,103, Land Registry figures show – a 1.1% increase on October.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.2%, and High Peak was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in High Peak rose by £26,000 – putting the area 22nd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Mansfield, where property prices increased on average by 17.7%, to £190,000. At the other end of the scale, properties in Rutland gained 6.9% in value, giving an average price of £373,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000. Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First-time buyers in High Peak spent an average of £214,000 on their property – £22,000 more than a year ago, and £61,000 more than in November 2017.

By comparison, former owner-occupiers paid £302,000 on average in November – 41.2% more than first-time buyers.

Owners of semi-detached houses saw the biggest rise in property prices in High Peak in November – they increased 1.1%, to £282,166 on average. Over the last year, prices rose by 12.1%.