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Property Prices Soar in the Midlands

House prices are now rising fastest in the Midlands, rather than the more affluent London commuter belt, Rightmove’s House Price Index found.

The soaring price of property in the Midlands is driving house price growth across England and Wales.

Climbing property prices in March are in line with the increase seen this time last year, although at that time demand was being boosted by buy-to-let investors rushing to beat a rise in stamp duty on second home purchases that came into force in April 2016.

Price growth is being driven by the Midlands, rather than the more affluent London commuter belt, Rightmove’s House Price Index found.

East Midlands’ property prices are up by 2.1 per cent this month and 5.7 per cent year-on-year – higher than any other region.

The West Midlands has the second-highest annual asking price growth, with monthly prices also up 2.1 per cent and up 4.2 per cent annually.

Miles Shipside, director of Rightmove, said: “As markets in other areas of the country become more mature and run out of price rise steam and froth, the fundamentals of the Midlands have come to the fore.”

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