Luton house prices increasing slightly

Figures from the Office for National Statistics show the average Luton house price in the year to December was £283,504 – a 0.1 per cent increase on November.

The picture was similar to that across the East of England, where prices increased by 0.6 per cent.

The rise in Luton contributes to the longer-term trend in the area, which has seen property prices in the area grow by 3.2 per cent over the last year.

It means the area ranked 18th among the East of England’s 45 local authorities for annual growth, with the average price in Luton rising by £8,900 over the past year.

The highest annual growth in the East of England was in Great Yarmouth, where property prices increased on average by 8.3 per cent.

At the other end of the scale, properties in Southend lost 1.5 per cent of their value.

Across the UK, average house prices in December fell slightly on the month before, but have accelerated by 4.6 per cent over the past year.

Jonathan Hopper, chief executive of Garrington Property Finders, said: "The number of homes for sale is so abundant in some areas – even in highly sought-after, prime postcodes – that buyers find themselves firmly in the driving seat and able to drive a hard bargain on price.

"This is likely to keep future price rises modest in much of southern England, and anyone planning to put their home on the market there in the coming months will need to price it competitively to attract buyers."