Rutland house prices could rise by £40,000 as UK market strongest since 2005
Homes in Rutland cost around £55,000 more than the UK average
Last updated 2nd Feb 2022
The average price of a property in Rutland is set to rise, after new data shows the UK housing market has had it's strongest start to a year since 2005.
Nationwide Building Society say annual UK house price growth increased to 11.2% in January of this year, which is up already from 10.4% in December 2021.
Figures from Rutland estate agents Newton Fallowell say properties in the area are already selling for around £310,000 on average.
That puts house prices in Rutland significantly higher than the rest of the UK, with Nationwide's new index showing the average UK house price in January to be £255,556.
Peter Ledger, director at Newton Fallowell, says Rutland homes cost more on average due to the local area, but the national house price rise will only make them more expensive.
"With prices at an average of about £310,000 in Rutland at the moment, that’s going to add 30-to-40 thousand to each price", he said.
"Rutland's got two private schools, lots of good primary and secondary education, and you’ve got Rutland water on your doorstep - what’s not to love about being able to walk around Rutland water every day?".
But, it's not all bad news for new buyers, as reduced housing affordability might dampen market activity and house price growth, as more people's budgets are squeezed - Nationwide Building Society reported.