Prime property prices rise across every region

Published on

Scotland and the North of England have been the most successful regions for prime properties (the top 25% of the market by price) during 2011, according to the latest Prime Index from property website PrimeLocation.com.

Prices in these regions have all increased by more than 6% since January, with Scotland the best performing region, with the average prime property gaining over £25,000, which equates to over £3,000 a month. Asking prices in the region rose by 6.8% to take the typical asking price to £410,530.

Behind Scotland, the North West and the North East were the second fastest rising regions, where asking prices for prime properties have increased by 6.1%. In the North West, this translates to a gain of £20,341, and a current asking price of £355,248, while in the North East the average prime asking price is £323,333, representing an increase of £18,523.

Across the UK, asking prices for prime property have increased by an average of £15,934 over the first eight months of the year, translating into a monthly gain of almost £2,000 per month. The average prime property has gained 3.5% in value, and currently has an asking price of £470,210. For comparison, the average asking price across all UK properties is currently £220,362, some 2.0% higher than at the start of the year.

Nigel Lewis, property analyst at PrimeLocation.com, said: “As is usually the case

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Coventry cuts selected intermediary residential fixed rates

Coventry for intermediaries has reduced a number of residential fixed-rate products for new and...

Mortgage Advice Bureau completes acquisition of Dashly

Mortgage Advice Bureau (MAB) has completed the acquisition of technology and data company Dashly,...

The Buckinghamshire lowers rates across key ranges

Buckinghamshire Building Society has cut rates across a wide spread of residential and buy-to-let...

FCA finds protection market delivering good outcomes, says TPFG

The Property Franchise Group PLC (TPFG) has responded to the publication of the Financial...

Conditional selling remains industry flashpoint as enforcement lags

Conditional selling remains one of the most persistent and contentious issues facing the UK...

Latest publication

Other news

The Coventry cuts selected intermediary residential fixed rates

Coventry for intermediaries has reduced a number of residential fixed-rate products for new and...

Mortgage Advice Bureau completes acquisition of Dashly

Mortgage Advice Bureau (MAB) has completed the acquisition of technology and data company Dashly,...

The Buckinghamshire lowers rates across key ranges

Buckinghamshire Building Society has cut rates across a wide spread of residential and buy-to-let...