This week we have seen reports in the media surrounding house prices. The Office for National Statistics has just released data collected from December 2016.
They have produced a comparison of the monthly inflation of house prices, calculated using data from Land Registry, for all areas across the UK. The National average price of a property has risen by 7.2% during 2016.
Part of the report lists the top 5 UK Local Authorities to see the largest percentage annual growth in house prices in the year to December 2016.
I was pleased to see Rutland made the 5th spot! The house price index revealed Rutland had seen 16.2% growth in house prices in the year to December 2016.
I had a closer look at the Melton Local Authority and came up with some interesting results.
Melton Local Authority had seen an increase of 2% higher than the national average - the average price of a property sold during the year to December 2016 had risen by 9.23% according to the ONS results.
The report had broken the increases down even further by each property type:
Detached houses 9.87% increase
Semi detached 9.77% increase
Terraced house 7.48% increase
Flat/maisonette 8.98% increase
Remember these figures are on sold prices as recorded at Land Registry not the advertised asking prices. These results are very encouraging to see for anyone who already has an investment in property or who is considering becoming a Landlord.