New figures show the average house price in Harborough district – and how much prices have gone up

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.3 per cent over the last year.

The average Harborough district house price in September was £367,640, Land Registry figures show – a 2.7 per cent increase on August.

Over the month, the picture was different to that across the East Midlands, where prices remained static, and Harborough was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Harborough rose by £46,000 – putting the area 21st among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in South Kesteven, where property prices increased on average by 20 per cent, to £284,000. At the other end of the scale, properties in Chesterfield gained 8.4 per cent in value, giving an average price of £199,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar.

FIRST STEPS ON THE PROPERTY LADDER

First-time buyers in Harborough spent an average of £291,000 on their property – £36,000 more than a year ago, and £78,000 more than in September 2017. By comparison, former owner-occupiers paid £421,000 on average in September – 45 per cent more than first-time buyers.

PROPERTY TYPES

Owners of detached houses saw the biggest rise in property prices in Harborough in September – they increased 2.8 per cent, to £523,347 on average. Over the last year, prices rose by 15.1 per cent.

AMONG OTHER TYPES OF PROPERTY

Semi-detached: up 2.8 per cent monthly; up 14.4% annually; £312,828 average

Terraced: up 2.5 per cent monthly; up 13.1 per cent annually; £259,064 average

Flats: up 1.9 per cent monthly; up 8.5 per cent annually; £174,145 average

HOW DO PROPERTY PRICES IN HARBOROUGH COMPARE?

Buyers paid 45.3 per cent more than the average price in the East Midlands (£253,000) in September for a property in Harborough. Across the East Midlands, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in the East Midlands were in Rutland – £391,000 on average, and 6% more than in Harborough. Rutland properties cost 2.2 times as much as homes in Bolsover (£175,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

FACTFILE

Average property price in September

Harborough: £367,640

The East Midlands: £252,982

UK: £294,559

Annual growth to September

Harborough: +14.3 per cent

The East Midlands: +11.3 per cent

UK: +9.5 per cent

Highest and lowest annual growth in the East Midlands

South Kesteven: +20 per cent

Chesterfield: +8.4 per cent