House prices rise in eastern England

According to the BBC, the Land Registry said the East saw an 8.8 per cent rise in property prices in the year to the end of May, compared with a 9.1 per cent rise in London and the South East.

The annual rate of increase across the whole of England slowed to 4.6 per cent in May, the figures show.

This meant the average home was valued at £179,696.

Guy Meacock, of buying agency Prime Purchase, said: “London has gone through a period of stratospheric growth, which was always going to be unsustainable at the same rate.

“The regional breakdown shows some areas are significantly outperforming others, but these markets are cyclical – that is a normal market with good and bad periods.”

Across the whole of England and Wales, property prices were unchanged in May compared with April.

Yet the East of England and the North East of England saw prices increase by 1.6 per cent over the same period, the fastest rise in England. In Wales, there was a fall of 1.7 per cent.

Areas such as Cambridgeshire have seen relatively high property prices recorded, and the east of England is now beginning to compete with the wealthiest property areas of Britain like the south east.

Various surveys in recent weeks have predicted the summer will see a modest rise in housing market activity, slower than last year.