Office of National Statistics release new data for High Peak house prices

Renters in the High Peak are facing significant rent increases with rents rising by almost £100 a month compared to the previous year.

According to the latest data from the Office of National Statistics, the average rent in the region increased by 10.7%, from £793 in December 2023 to £877 in December 2024.

In terms of house prices, the average home in High Peak was valued at £268,000 in November 2024, making a 3% increase from £260,000 in November 2023. The price of homes bought by first-time buyers also rose, with an average purchase price of £221,000 in November 2024, up 3.5% from the previous year.

For homes bought with a mortgage, the average price was £279,000, a 3.2% increase from £271,000 in November 2023. The East Midlands sees that the average house price rose from £242,000 in November 2023 to £249,000 in November 2024.

Detached homes in the East Midlands saw an average sale price of £449,000 in November 2024, while semi-detached properties sold for £287,000 on average. Across Great Britain, the national average house price stood at £292,000, up from £283,000 the year before.

In High Peak, the market for semi-detached homes saw a 3.3% increase, while flat prices rose by 2.4% in the year to November 2024. 

Ben Twomey, Chief Executive of Generation Rent – a group that campaigns against unfair evictions of renters - said: “Renters are facing soaring rents which are far outstripping our earnings, with the worst problems facing major cities like Manchester and the surrounding areas. 

“Though The Renters’ Rights Bill will end unfair Section 21 evictions across England, there are very few measures in it to give us the breathing space we need from the cost of renting. Without protection from rent rises, we remain concerned about landlords using unaffordable rent hikes as ‘no-fault’ evictions in all but name. 

“The Government must slam the brakes on runaway rents and unfreeze the Local Housing Allowance rate to protect families on low incomes from poverty and homelessness.”