House prices have soared in parts of Staffordshire over the past 12 months, with the UK seeing the second biggest annual rise in more than a decade. Across the county, the average price hit £238,018 in April, according to the latest Land Registry data.
It was 0.6% above £236,571 in March and 11.9% higher than a year earlier, when the figure was £212,613. In East Staffordshire, the average house price in April 2020 was £199,753, but by April 2022 it had also increased by 222,123, up 11.2%.
In Tamworth, the average house price rose 16.6% over the year to £228,611 – the biggest increase in the area. This was followed by Stafford, where it rose 12.9% to £254,823, while in South Staffordshire it also rose 12.9% to £294,893.
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Overall, Lichfield had the highest average house price, at £310,330, although this represents a slightly more modest annual increase of 11.0%. Across the UK, the average home was valued at £281,161 in April, up 12.4% (or £31,000) from £250,210 a year earlier.
It was the second strongest rise in more than 15 years after prices rose 13.3% in the year to June 2021. This was partly due to a rush to take advantage of l stamp duty exemption put in place to stimulate the real estate market during the pandemic.
Commenting on the latest figures, Chris Jenkins, house price statistician at the Office for National Statistics, said: “While annual growth picked up again in April, this was mainly due to declines seen around the same time. last year due to changes to the previous stamp duty holiday Wales and Scotland saw the highest growth, with London again seeing the slowest growth. continued to grow steadily overall.However, while lagging behind other countries and regions, growth in London continues to accelerate.
Despite soaring house prices in many parts of the UK, some property experts are predicting that the market could slow in the coming months due to rising interest rates. The Bank of England recently raised interest rates for the fifth consecutive time, to 1.25%, in an attempt to curb rising prices by making borrowing more expensive.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said it could be “as good as it gets” for homeowners. She added: “These numbers reflect home buying decisions made much earlier, when we only had the first ever interest rate hike and the horror of the energy price cap. had not yet surfaced. In many cases, buyers will have made an offer before the invasion of Ukraine. This was long before it had a chance to fuel inflation in a way so spectacular.
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