Latest figures show drop in High Peak house prices
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But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year. The average High Peak house price in June was £259,175, Land Registry figures show – a 0.1% decrease on May.
Over the month, the picture was different to that across the East Midlands, where prices increased 1.3%, and High Peak was lower than the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in High Peak rose by £1,100 – putting the area 29th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Rutland, where property prices increased on average by 11%, to £407,000. At the other end of the scale, properties in South Holland lost 2.2% of their value, giving an average price of £232,000.
First-time buyers in High Peak spent an average of £210,890 on their property – £320 more than a year ago, and £50,960 more than in June 2018. By comparison, former owner-occupiers paid £298,820 on average in June – 41.7% more than first-time buyers.
Owners of detached houses saw the biggest fall in property prices in High Peak in June – they dropped 0.5% in price, to £447,763 on average. But over the last year, prices rose by 1.1%.
Among other types of property the figures were -Semi-detached: down 0.2% monthly; up 1.2% annually; £279,421 average; Terraced: up 0.1% monthly; down 0.6% annually; £205,926 average and Flats: up 0.1% monthly; up 0% annually; £146,652 average
Buyers paid 4.2% more than the average price in the East Midlands (£249,000) 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 is £288,000.
The most expensive properties in the East Midlands were in Rutland – £407,000 on average, and 1.6 times the price as in High Peak. Rutland properties cost 2.3 times the price as homes in Bolsover (£177,000 average), at the other end of the scale.