East of England property prices

February 21st 2017
By: Melanie
East of England property prices

Some of the latest figures from the Office of National Statistics (ONS) suggest that the East of England, which takes in areas from St Albans in Hertfordshire to Cromer in Norfolk, has recorded the biggest rise in property prices over the past 12 months, up 10.5% to £279,000 on average. Alongside this a recent report from Rightmove, that was based on asking prices of properties for sale, also indicates a steady start to 2017’s housing market especially in the east of England where prices are significantly outpacing London and the South West.
It is clear to see that some of this is fuelled by a widening supply and demand imbalance in the market, as more people in southern England seek ‘value for money homes’ further afield and areas like Hertfordshire are great places to live due to their proximity to London. Housing economist at Halifax, Martin Ellis commented that, “most of the areas that saw the biggest house price rises during 2016 are either within close commuting distance of the capital or in outer London.
One city, not that far away from St Albans that is undergoing huge change is Luton, Borough Councillor Tom Shaw said “Situated only 30 miles north of London, Luton has easy access to the major cities in the UK due to its excellent road, rail and air links. It has three dedicated railway stations, with London only 22 minutes by train,” just like St Albans. But even if you were looking to retire it still makes sense to look East, you couldn’t do much better than the Norfolk coastal town of Cromer as a place to live.