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North Dudley boom puts town in premier price rise league
1:02pm Tuesday 20th August 2013 in News
DUDLEY is experiencing a house prices boom which puts it in the same league as towns on Britain's rich list.
Property search website Zoopla says the north of the borough is the sixth best for house price increases in the UK, based on their calculations of percentage changes in prices since January.
Zoopla says their survey, which includes Gornal, Himley, Sedgley, Woodsetton, Dudley and Netherton, shows an 8.76 per cent rise in prices from an average of £126,179 at the turn of the year to £137,237 this month.
Affluent Ripon in Yorkshire tops the list with a rise of 11.76 per cent in the last seven months, just ahead of professional footballers' favourite Knutsford in Cheshire where prices shot up by 10.53 per cent to an estimated average of £399,612.
Dudley is ahead of Totnes in Devon and Maldon in Essex in the Zoopla top ten.
According to the Land Registry the average price for a home in the borough of Dudley is £117,333, much lower than the areas of the region included in the Zoopla survey, which they say is based on constantly updated estimates of market values.
The Land Registry figures, released in July, show the average house price for England and Wales was £162,621.
Dudley estate agent Matt Billingham, a partner in Billingham Taylor LLP on Stone Street, says the Zoopla figures reflect increased activity as the market heads back to levels of business comparable to before the economic crash of 2008.
Mr Billingham said: "There may not necessarily be the same prices as 2007 but activity is returning to the same kind of levels.
"There is a lot more confidence in the market place, most lenders have 90 to 95 per cent mortgages and the Help To Buy scheme for first-time buyers is going to come into play.
"Dudley has had a lot of attention from developers and there are still things very much on-going - people seem a lot more optimistic."
Martyn Baum, vice president of the National Association of Estate Agents, said: "The west midlands as a whole has had some tough times, it was one of the worst affected areas as prices fell.
"Dudley wouldn't necessarily be the first place you would expect to see prices rising, this shows the market is turning a corner."
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