62% rise in house prices in one area

HOUSE prices in an area of Leicestershire have risen by nearly twothirds in a year.

In LE1 6, near Leicester station, median prices were up 62% from £60,250 in 2015 to £97,500 in 2016.

The next biggest rise was in LE4 5, near Melton Road in Leicester where prices were up by a quarter (24%) in a year, from a median of £137,000 to £169,950. Elsewhere, Syston (LE7 2) saw prices rise by 21% to £220,995.

The area with the biggest drop in prices was LE67 6, where the median price fell 22% from £208,250 in 2015 to £162,995 in 2016.

This area covers North West Leicestershire including Bagworth, Ibstock and Markfield.

LE15 8, which is around Oakham, had the highest median price locally, at £375,000, while the postcode with the lowest prices was LE1 3, where the median price was £85,000.

LE1 is an area in the centre of the city around Belgrace Gate.

The area with the biggest price rise in England and Wales in 2016 was W1U 5, around Marylebone, in Westminster which saw median prices jump 294% from £990,000 in 2015 to £3.9m in 2015, mostly due to a number of new build flats being sold at 24 Paddington Street.

The area was the most expensive postcode in England and Wales with five or more sales. The postcode with the lowest median price was SR8 4, around Horden in County Durham, at £25,000.

The area with the biggest price fall in England and Wales in 2015 was SW1X 7, around Belgravia and Knightsbridge, which saw median prices fall 62% from £5.8m in 2015 to £2.3m in 2016, although this is likely a return to a more normal trend, after a £17m flat sold at One Hyde Park in 2015 - the median price in the area was £2.1m in 2014.

Changes in price may be due to more demand pushing up prices or a changing type of property being sold in the area, particularly if new homes have been built.

Sold prices are taken from the Land Registry’s price paid data. Areas with four or fewer sales in either 2015 or 2016 have been excluded.

There were 100 postcodes with a median price of £1m or more in 2015, with this rising slightly to 107 in 2016.