A three minute read to look at how house prices have changed over the last twelve months in Rutland.
Property in Rutland has continually shown impressive growth in the average house price over the last 20 years, quite often at a higher rate than our neighbouring counties. The popular draws of Rutland Water, Oakham & Uppingham School, Rail Links to Major Cities and Road Links to almost anywhere continue to keep Rutland at a higher level than the rest of the East Midlands.
Her Majesty’s Land Registry are responsible for every property registration, amendment and charge that is registered in England & Wales. HM Land Registry provide monthly data on the transaction levels and average house prices in every County in the Country.
We’ve digested the data for Rutland and created these easy to read guide for you to keep up to date on your local property market.
The Average House Price in Rutland that was paid in November 2020 was £335,024. This covers every property that was completed throughout November, regardless of size, position and type.
So, how does that compare to different property types?
Well, The Average Price paid for…
a Detached Property was £455,562 (Up by 5.49% compared to Nov 19)
a Semi-Detached Property was £279,040 (Up by 4.58% compared to Nov 19)
a Terraced Property was £242,025 (Up by 5.48% compared to Nov 19)
an Apartment was £149,705 (Down by 0.62% compared to Nov 19)
Looking back to November 2019, how much have prices changed?
The Average Price paid for a property in November 2019 was £319,782…
Detached Property: £431,828
Semi-Detached Property: £266,795
Terraced Property: £229,446
How do people fund a purchase in Rutland?
Rutland sees a variety of funding options when looking to purchase a property in the area. The average value for a cash purchase was £332,102. This has increased by 4.42% over the last 12 months, whereas the average price of a purchase using a mortgage has increased at a higher rate of 5.01% to £337,403.
First Time Buyers are spending more than ever…
Purchasers looking to buy their first home in the County has been more expensive than ever this year, increasing by £10,918 compared to 12 months before. The average purchase price for a first-time buyer now sits at £261,301.
The local area continues to be a positive platform for buyers to purchase and we’re sure over the next few months that these figures will continue to increase as buyer demand continues to outstrip supply.
There is a lot of numbers here and when it comes to selling a property it’s not all about numbers. We’re experts in marketing properties to the right clients to secure the maximum value for every individual home that we sell. Not one property is the same and showcasing its key features are key to securing a successful sale.
Our team are always on hand to give you expert advice on your property, whether you are considering moving now, in the future or potentially never at all. Contact our team today and discuss the value of your home today.
Information Source: https://www.gov.uk/government/collections/uk-house-price-index-reports