House prices fell by 2.3% in the East Midlands in Q4 2007 compared to the UK average fall of 0.8%, Halifax reports.

Stamford recorded the biggest rise in price in the region over the past year with a 23% increase, followed by Grantham (21%) and Market Harborough (20%). Stamford was also the most expensive town in the region. The town now boasts an average house price of £269,081.

However, at £163,409, the average house price in the East Midlands is 17% below the UK.

Guy Ogden, Regional Manager, Halifax Estate Agency, comments: “The housing market in the East Midlands is slowing. Annual house price growth in the region was 0.6% over the past 12 months, below the UK average of 5.2%. In the last quarter, the average house price in the East Midlands has fallen by 2.3%.

The average house price in the East Midlands now stands at £163,409, compared to a UK average of £197,071.

Despite a recent cooling in market conditions across the region generally, a number of towns continue to enjoy above average house price growth. Over the last year, the average house price in Stamford increased by 23%. Grantham and Market Harborough also enjoyed strong double digit growth of 21% and 20% respectively.

The most expensive town in the region is Stamford, with an average house price of £269,081. One other town in the region has an average house price in excess of £250,000 – Market Harborough (£261,509), meaning the average homebuyer in these towns will pay stamp duty of 3%.

The most affordable town in the area is Mansfield, which has an average house price of £141,325.”

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