House prices in the High Peak area are skyrocketing! Last month alone saw a 5.3% jump, pushing the average price to a considerable £266,222. This continues the upward trend we’ve been witnessing, with prices up a significant 6.8% compared to this time last year.

High Peak Outperforms the Region

While the East Midlands as a whole saw a modest 1% increase in house prices, High Peak has raced ahead, even surpassing the UK average of 1.2%. This impressive growth places High Peak third in the East Midlands for annual price rises, with an extra £17,000 added to the value of the average property. Only North East Derbyshire (11.2% increase) and outpaced High Peak.

First-Time Buyers Face Steep Climb

It’s not all rosy, however. For those hoping to step onto the property ladder, the news is daunting. First-time buyers in High Peak now face an average price tag of £218,000, a considerable £14,000 more than last year and a staggering £58,000 higher than in May 2019.

This price surge puts homeownership further out of reach for many, particularly when compared to the price difference with existing homeowners. Those selling their homes in High Peak currently receive an average of £305,000, a hefty 40.1% more than what first-time buyers are paying.

Detached Homes Lead the Pack

Across all property types, detached homes experienced the most significant price surge in May, rising by 5.5% to an average of £451,141. This follows a year-on-year increase of 7.4%.

Other property types also saw significant increases:

• Semi-detached: Up 5.3% monthly and 7.8% annually, with an average price of £287,016.
• Terraced: Up 5% monthly and 6.3% annually, averaging £213,277.
• Flats: Up 5.4% monthly and 4.7% annually, with an average price of £153,827.

Is High Peak the Place to Be?

High Peak property now commands an 8.4% premium compared to the East Midlands average of £246,000. While this is still lower than the UK average of £285,000, it highlights the growing desirability of the area.

However, within the East Midlands, Rutland takes the crown for the most expensive properties, with an average price of £354,000. This is more than double the cost of homes in Bolsover, which average £178,000.

So, what does this all mean for buyers and sellers in High Peak? While the booming market presents excellent opportunities for sellers, it’s a challenging landscape for first-time buyers. The coming months will reveal whether this rapid growth is sustainable or if we’re headed for a price plateau.