The growth in house prices in Nottingham over the last 12 months was among the fastest in the country, according to new figures. Average house prices in the area rose by 13% in the year to the end of November 2022, according to data from the Halifax bank.
This was slightly below the the national average increase of 15.2%. However, in the Halifax's top 20 list of cities and towns in England and Wales with the strongest annual percentage increases in house prices, Nottingham came in at number 18.
Nottingham properties sold for an average £286,696 over the year, up £32,966 the previous 12 months. York saw the highest property price inflation of any town or city in England and Wales during 2022, growing by 23.1% (£69,648) over the course of the last year.
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The place with the weakest annual growth in house prices was Leicester. Average prices there over the year were £271,092 (minus £10,212).
Kim Kinnaird, mortgages director at Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK. And unlike many years in the past, the list isn’t dominated by towns and cities in the South East.
“Nowhere is that more the case than in the cathedral city of York, which saw the highest property price inflation across England and Wales this year, rising by over a fifth. While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step on to the property ladder or move into the city.
“While London still has some of the highest property prices in the country, it recorded comparatively modest house price inflation over the last 12 months. This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from urban centres.
“We can see this clearly in commuter towns such as Woking, Chelmsford and Hove, which – with their more diverse range of properties perhaps offering better value – recorded much bigger increases over the last year.”
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