House prices in part of Cambridgeshire have increased according to new property figures released. The new UK House Price Index (HPI) has been released for 2024 and shows the property price changes for England, Scotland, Wales and Northern Ireland.
East Cambridgeshire, which includes areas like Ely, Soham and Littleport, was the English area to see the biggest annual price increase. Properties gained 10.6 per cent or £37,665, making the average property now worth £533,330.
Three homes on the market in the area at the moment have starting offers of between £375,000 and £575,000. This two-bedroom detached bungalow in a quiet cul de sac is asking for £375,000 as a minimum; this two-bedroom detached bungalow with countryside views has a guide price of £400,000; and this five-bedroom detached house has a guide price of £575,000.
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Ely may be an attractive location for house buyers due to its grand cathedral, local schools, shops and weekly markets. This city, the second-smallest in England, also has a train station and A10 links.
The ancient market town of Soham, with its impressive manor house, and Littleport, with its train station and two schools, are also attractive spots.
The March data shows an average national house price rise of 0.7 per cent since February 2024, according to the government figures. There has also been an annual price rise of 1.8 per cent, which makes the average property in the UK valued at £283,000.
The monthly increase in house prices was the highest in Yorkshire and the Humber, where prices increased by 2.2 per cent in the year to March 2024. The highest annual growth was also in the Yorkshire and the Humber, where prices increased by 5 per cent in the year to March 2024.
Further analysis of the government data by online property estate agent Purplebricks shows a detailed breakdown of areas across the country. Purplebricks’ CEO Sam Mitchell said: “The UK property market is going from strength to strength.
“With a 1.8 percent year-on-year rise, we’re now seeing those green shoots start to flower. Today’s House Price Index gives homeowners plenty to celebrate and the upward trend in prices suggests there will be plenty more to celebrate as the year unfolds.
“Britain has also now seen its fourth consecutive month-on-month increase in property prices – a clear and welcome sign that confidence is back in bricks and mortar. While monthly values may fluctuate, the core demand as measured by mortgage approvals continues to increase.”