House prices in Stoke-on-Trent are rising by 7.4 per cent year-on-year – making it the sixth highest on current increases when compared with 65 other cities.
According to the latest UK Cities House Price Index, the average price of a home in the city is £113,500. This is three per cent higher than in 2007, when the housing market was at its peak. It is also a rise of 3.3 per cent from the year-on-year prices of 12 months ago.
The data puts Stoke-on-Trent well ahead of cities such as London and Derby, where current year-on-year growth is 1.6 per cent and 3.7 per cent respectfully.
Councillor Dave Conway, leader of the city council, said: “This is fantastic news for homeowners in Stoke-on-Trent. Many cities have seen a drop in house prices since the market was at its peak in 2007, but this is yet another example of how Stoke is on the up, showing the increasing confidence in the city from people who want to live and work here.
“We want to enhance the city’s housing offer so that people at all stages of life can find and live in a quality home they want at a price they can afford. We’re investing heavily in housing growth in the city, ensuring that a range of new homes are built that are attractive and affordable to all.
“The creation of our housing company Fortior Homes is just one important aspect of that, and its role will play a crucial part in building confidence with private sector developers who are considering other investments in the city. This will allow us to bring about quality new housing and create more local jobs.
“We are also working hard to drive up housing standards across the city, such as our rolling stock condition surveys for council properties; selective licensing for landlords – including a consultation exercise taking place to consider expanding this approach across the city; work on private sector housing to bring homes back into use and our award-winning Reviving Communities project, which is now in its second phase.
“This is in addition to our commitment to invest millions of pounds in our own housing stock at every level backed up by the creation of our new housing repairs and maintenance company Unitas, which will help to maximise the potential of all of our assets in order to meet housing needs and drive forward the city’s economic growth.”
For all media enquiries please contact the Communications Department at Stoke-on-Trent City Council on 01782 232265.