Following last year's Brexit vote, there was much uncertainty as to what might happen to UK house prices. The latest quarterly data now paints a clear picture that the house price growth is clearly slowing down.
What's particularly interesting is that the East Midlands is now leading the way in the UK regions for the fastest growing house prices (at nearly 5% growth over the last year).
Why the East Midlands? Well, there's still a national shortage of new housing stock. The Government White Paper targets the need for 250,000 new homes a year, although there's only been c.190,000 in each of the last three years. We have our regional share of this challenge which pushes up prices.
But more positively, the vibrancy of each of the East Midlands city economies together with the important quality-of-life measures (including jobs, health, house price to earnings, the number of start-ups and income distribution etc) is making our region an increasingly popular place to live and work.
Combine these two factors and that's why the East Midlands is a property price hot spot and likely to be so for the next few years.