"In some areas, prices have continued to climb at a substantial rate and so much so that they’ve outstripped the current high rate of inflation that continues to push up living costs"
Despite the Bank of England’s aggressive approach to curbing record-high inflation levels with consistent increases in interest rates, the current rate of inflation still sits at 10.1%.
According to specialist property lending experts, Octane Capital, there are currently 75 local authorities where house prices are outperforming this high rate of inflation, equating to 21% of the total UK property market. Nowhere more so than the Shetland Islands, where house prices have climbed by 24.5% in the last year.
In Carmarthenshire, the average house price has increased by 14.8%, while Fylde (+14.2%), Forest of Dean (14.2%), Broxtowe, Pendle, Bolsover, Rochford (14.1%) and Charnwood (+13.5%) also rank in the top 10 inflation busting areas of the UK property market.
Other areas include local authorities from across the nation, from Durham to Thurrock, the City of London to York, to name just a few.
CEO of Octane Capital, Jonathan Samuels, commented:
“Despite the wider economic landscape the UK property market continues to hold its own and while the high rates of house price growth seen in recent times may have returned to normality, homeowners continue to see a return on their bricks and mortar investment across many areas of the market.
"In fact, in some areas, prices have continued to climb at a substantial rate and so much so that they’ve outstripped the current high rate of inflation that continues to push up living costs.
"Of course, with the Bank of England seeking to curb inflation via a string of interest rates, it looks likely that the cost of homeownership could set to become that little bit more expensive next month. However, for those who can achieve it, a bricks and mortar investment continues to be one of the safest you can make, even in the current economic climate.”
