House prices are on the rise in High Peak

Lockdown did not stop house prices from climbing in High Peak this summer, according to new figures from the Land Registry.

Monday, 21st September 2020, 4:41 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.9 per cent annual growth.

The average High Peak house price in June was £204,854 – a 3.2 per cent increase on May.

Over the month, the picture was better than that across the East Midlands, where prices increased 2.6 per cent, and High Peak outperformed the 0.7 per cent rise for the UK as a whole.

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House prices have seen a strong rise in High Peak

Over the last year, the average sale price of property in High Peak rose by £11,000 – putting the area eighth among the East Midlands’s 40 local authorities for annual growth.

Owners of semi-detached houses in High Peak were the big winners as their properties increased 3.4 per cent in value to £218,549 on average.

Owners of terraced houses saw the value of their properties rise by 3.3 per cent, owners of detached houses saw a 3.1 per cent rise in the value of their homes, and owners of flats saw their properties increase in value by three per cent.

First-time buyers in High Peak spent an average of £​168,000 on their property – ​£9,200 more than a year ago

By comparison, former owner-occupiers paid £​234,500 on average in June​ – 39.6 per cent more than first-time buyers.

Overall, buyers paid 2.1 per cent more than the average price in the East Midlands (£201,000) in June for a property in High Peak.

Across the East Midlands, property prices are lower than those across the UK, where the average cost was £238,000.