High Peak house prices buck the trend and see increase in latest figures
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7.8% over the last year. The average High Peak house price in March was £263,340, Land Registry figures show – a 1.8% increase on February.
Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and High Peak was above the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in High Peak rose by £19,000 – putting the area 14th among the East Midlands’s 35 local authorities with price data for annual growth.
First-time buyers in High Peak spent an average of £214,000 on their property – £15,000 more than a year ago, and £62,000 more than in March 2018.
By comparison, former owner-occupiers paid £304,000 on average in March – which is 42% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in High Peak in March – they increased by 2.4%, to £457,774 on average. Over the last year, prices for tthese types of proerptoes rose by 8.6%.
Among other types of property, the changes were: Semi-detached: up 2% monthly; up 8.5% annually; £284,176 average; Terraced: up 1.3% monthly; up 7.4% annually; £208,905 average; Flats: up 1.7% monthly; up 5.8% annually; £147,970 average
How do property prices in High Peak compare?
Buyers paid 7% more than the average price in the East Midlands (£246,000) in March for a property in High Peak. Across the East Midlands, property prices are higher than those across the UK, where the average cost £285,000.
The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 1.4 times as much as more than in High Peak. Rutland properties cost 2.1 times as much as homes in Bolsover (£179,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.