Over the past decade or so, the price of housing in Harborough has frequently outperformed surrounding towns as well as performance on a national level. The latest house pricing figures from the Office of National Statistics show that house prices in the region are showing no sign of slowing down.
2018 house price rise Harborough
The latest data from the Office of National Statistics (released on October 17th) shows that over the last year house prices in the Harborough district have risen by more than twice the national average in the last year.
Property prices in the district increased by 1.8% in August, contributing to a yearly rise of 7.1% rise since August 2017 – more than double the national average (3.2%).
The data comes from the House Price Index, which the ONS compiles using house sale information.
Over the course of the past five years, the average homeowner in Harborough will have seen their property increase in value by a staggering £82,000. The average property price in the district stood at £282,300 in August, much higher than the UK average of £232,797.
In terms of first time buyers, this demographic spent an average of £225,438 on property in Harborough in August, over £60,000 more than what it would have cost them five years ago.
Why are Harborough house prices rocketing?
When you consider Harborough’s central location, close-knit community and rural setting, it’s easy to see why many are attracted to the district. Harborough is the perfect retreat for those looking to escape the big city bustle.
Not only is Market Harborough, in particular, an attractive proposition in its own right, it also has strong transport links to London, Leicester, Nottingham and Sheffield.
With so many people wanting a slice of the Harborough pie, there is much demand for property in the area. As soon as a property hits the market, it isn’t long before there is a series of interested parties.
Property valuation in Harborough
When was the last time you had your house in Harborough valued? House prices in the district continue to rise year on year so there’s no doubting that the property’s guide price will have changed since you purchased it. If you have lived in the house for a decade or more you could be in for an even bigger surprise.
With expertise in the Market Harborough and surrounding areas, our valuation team is here to provide an accurate property valuation as well as advise on changes that may improve the speed of the sale or ways to maximise value.
To book a home valuation in Market Harborough, call Naylors Estate Agents on 01858 450 020