House prices in Stoke-on-Trent rising by £35 a day

House prices in Stoke-on-Trent are rising by around £35 a day. Figures from the Office for National Statistics show that house prices in the city have risen by £12,691 over the past year, from £123,005 to £135,696.

This is a 10.3 per cent increase, compared to 9.8 per cent rise in UK average house prices in the year to March 2022, which is down from 11.3 per cent in February. The average UK house price was £278,000 in March 2022, which is £24,000 higher than this time last year.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: “The year-on-year increase shows there is still plenty of momentum within the housing market, however we are now seeing some signs of things starting to cool.

“But we keep coming back to the issue of low supply being the main driver of rising prices. Our member agents are telling us that it’s still an issue and that the number of people looking to buy remains far higher than the number of properties they have listed. This, coupled with incredibly low borrowing rates, is likely to maintain prices in the short to medium term.”

Mike Scott, Chief Analyst at national estate agency Yopa, also said the expectation was that month-on-month growth would resume in next month’s report, with the annual rate of growth staying around 10%.

He said: “House prices cannot continue to defy gravity forever, but the current shortage of homes for sale and high demand from people who are still re-evaluating their lives and priorities for the post-pandemic world are likely to continue to support prices for at least the rest of 2022, and we do not anticipate any significant falls in nominal house prices this year.

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