House prices up in the High Peak

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.5% over the last year. The average High Peak house price in November was £270,811, Land Registry figures show – a 0.7% increase on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8%, and High Peak was above the 0.8% drop for the UK as a whole. Over the last year, the average sale price of property in High Peak rose by £9,100 – putting the area fourth among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 8%, to £257,000. At the other end of the scale, properties in Ashfield lost 7.5% of their value, giving an average price of £182,000.

First-time buyers in High Peak spent an average of £220,300 on their property – £6,900 more than a year ago, and £61,300 more than in November 2018. By comparison, former owner-occupiers paid £312,300 on average in November – 41.8% more than first-time buyers.

Owners of flats saw the biggest rise in property prices in High Peak in November – they increased 1.3%, to £150,117 on average. Over the last year, prices rose by 2%. Among other types of property – Detached: up 0.8% monthly; up 4.4% annually; £469,495 average; Semi-detached: up 0.7% monthly; up 4.4% annually; £293,042 average; Terraced: up 0.6% monthly; up 2.8% annually; £215,779 average

Buyers paid 11.2% more than the average price in the East Midlands (£244,000) in November for a property in High Peak. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.5 times the price as in High Peak. Rutland properties cost 2.4 times the price as homes in Bolsover (£167,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea.