High Peak house prices increased more than East Midlands average in December

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.1% over the last year.

The average High Peak house price in December was £267,806, Land Registry figures show – a 1.2% increase on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.5%, and High Peak was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in High Peak rose by £37,000 – putting the area second among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe, where property prices increased on average by 16.5%, to £256,000. At the other end of the scale, properties in Rushcliffe gained 7.1% in value, giving an average price of £360,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier. It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First-time buyers in High Peak spent an average of £219,000 on their property – £31,000 more than a year ago, and £65,000 more than in December 2017.

By comparison, former owner-occupiers paid £308,000 on average in December – 40.9% more than first-time buyers.

Owners of flats saw the biggest rise in property prices in High Peak in December – they increased 1.6%, to £149,885 on average. Over the last year, prices rose by 12.8%.

Detached homes were up 1.3% monthly,up 15.9% annually to £462,932 average, semi-detached: up 1.4% monthly, up 17.2% annually to £288,558 average and terraced: up 1.1% monthly, up 16.3% annually to £213,487 average

Buyers paid 4.5% more than the average price in the East Midlands (£256,000) in December for a property in High Peak. Across the East Midlands, property prices are higher than those across the UK, where the average cost £294,000.