The latest figures from the 2024 UK House Price Index (HPI) reveal that house prices across the United Kingdom are experiencing steady growth. However, it’s East Cambridgeshire that’s stealing the spotlight, boasting the largest annual increase in property values in England.
East Cambridgeshire, encompassing localities such as Ely, Soham, and Littleport, has witnessed an impressive 10.6% rise in property prices over the past year. This spike translates to an average increase of £37,665 per property, pushing the average house price in the region to an eye-watering £533,330.
Why East Cambridgeshire?
Ely, often celebrated for its majestic cathedral, top-notch local schools, and vibrant weekly markets, is particularly appealing to homebuyers. As England’s second-smallest city, Ely not only offers a rich historical ambiance but also boasts practical amenities like a train station and good connectivity via the A10.
Soham and Littleport are not far behind in terms of appeal. Soham features a striking manor house and a robust community vibe, while Littleport offers excellent educational facilities and transport links that make it a convenient choice for commuters.
National Trends in House Prices
The broader data from March 2024 underscores a modest yet consistent rise in national house prices, with a 0.7% increase since February 2024 and a 1.8% annual increase. The new average property value in the UK is now pegged at £283,000.
Regional Highlights
While East Cambridgeshire leads in annual price growth, Yorkshire and the Humber region saw the highest monthly price surge at 2.2%. Over the year, this region also recorded a commendable 5% growth, the highest in its category.
Industry Insights
Sam Mitchell, CEO of Purplebricks, offers an optimistic outlook on the UK property market. According to Mitchell, “The UK property market is going from strength to strength. With a 1.8 percent year-on-year rise, we’re now seeing those green shoots start to flower. Today’s House Price Index gives homeowners plenty to celebrate and the upward trend in prices suggests there will be plenty more to celebrate as the year unfolds.”
Mitchell also highlighted the consistent month-on-month growth over the past four months as a positive sign of renewed confidence in real estate. The ongoing demand is further evidenced by rising mortgage approvals, indicating robust market dynamics.