Derbyshire property prices rising faster than most other parts of England

Property prices in Derbyshire are growing at one of the fastest rates in the country, according to a new report.

Monday, 21st August 2017, 5:34 pm
Updated Monday, 11th September 2017, 12:39 pm
Property prices in Derbyshire have increased by more than double the national average.

In its latest house price report, Rightmove says prices in Derbyshire have increased by 7.9 per cent over the last year, more than double the national average of 3.1 per cent.

Over half of the English counties that are outperforming the national average are in the mid-regions of the country, as property in London simply becomes too expensive for many people.

Miles Shipside, Righmove director and housing market analyst said: "High demand and limited supply are still driving momentum, especially in the counties in the middle of the country. Here, year-on-year rises at over twice the pace of the national average are widespread, in contrast to southern and northern counties where none have approached these heady heights.

"With a shortage of suitable choice in many parts of the country, buyers are becoming increasingly adept at hunting down property that fits their budget, ticks the boxes on their checklist and stirs their emotions.

"Properties in the counties that have seen above-average price rises over the last year are clearly meeting the needs of home-hunters at relatively affordable prices. Conversely sellers in the counties performing below par are having to ask for lower prices in order to sharpen up the appeal of their properties. Wherever sellers happen to be, they must not forget that buyer affordability has become increasingly stretched, and in this environment if you ask too much at the outset you are likely to lessen the chances of a successful sale."

In Derbyshire, the average house price is £200,000, making it the cheapest of the top three price hot spots in the country, ahead of Norfolk and Northamptonshire.