Prosperity in the East Midlands has continued to grow since our 2015 study, driven by increases in house prices and GDP per capita.
GDP per capita in the East Midlands rose by 10.7%, a bigger increase than in London, the North of England, Wales and Scotland.
Outside of London, the South East, East of England and the South West, the region’s house prices grew the fastest at 5%, (compared to 11%, 11%, 10% and 7% respectively) with the average home costing £159,222. Household expenditure also increased, at the fastest rate of all regions except London, growing by 6% to an average weekly household spend of £495.
The East Midlands was one of only five regions where the number of millionaires remained static at 25,000 as reported in 2015. The majority of UK regions had a slight reduction in the number of millionaires.