The latest data from the Land Registry reveals a surprising turn in the High Peak property market. Contrasting with the broader UK trends, house prices in High Peak have seen a consistent upward trajectory.

In November alone, High Peak witnessed a 0.7% increase in house prices, a figure that might seem modest but is significant when juxtaposed with the wider East Midlands region and the UK. While the East Midlands saw a decline of 0.8%, and the UK average dipped by the same margin, High Peak’s property market bucked the trend, marking a notable exception.

Yearly Growth

The broader picture offers more insights. Over the last year, the High Peak area experienced a 3.5% growth in property prices. The average house in High Peak now stands at £270,811, a £9,100 hike from the previous year. This growth rate places High Peak fourth among the 35 local authorities in the East Midlands for annual property price growth.

Regional Comparisons

The star performer in the region, North East Derbyshire, saw an 8% jump in property values, with the average price reaching £257,000. In stark contrast, Ashfield’s property market suffered, with a 7.5% drop in values, bringing the average down to £182,000.

The First-Time Buyer’s Scene

For first-time buyers in High Peak, the average property cost stands at £220,300. This figure has increased by £6,900 compared to last year and represents a significant £61,300 leap from 2018. Former owner-occupiers are not left out of this upward trend, with the average price for this group reaching £312,300 in November, a striking 41.8% more than what first-time buyers typically pay.

Growth Across Property Types

Different types of properties in High Peak have experienced varied growth rates. Flats lead the pack with a 1.3% monthly increase, settling at an average price of £150,117. Over the past year, flat prices have risen by 2%. Detached houses follow closely with a 0.8% monthly and 4.4% annual increase, averaging at £469,495. Semi-detached homes mirror this trend, while terraced houses showed a modest 0.6% monthly and 2.8% annual growth.

High Peak Versus East Midlands and UK

In High Peak, buyers are paying 11.2% more than the East Midlands average of £244,000. The region’s property market, in general, remains more affordable compared to the UK average, which is £285,000. However, the most expensive properties in the East Midlands are found in Rutland, averaging £403,000 – significantly higher than in High Peak.