The East of England maintains its place as the third most prosperous region, thanks to booming housing market.

House prices in the East of England saw the fastest growth in the UK alongside London, increasing by 11% since last year’s study. This was led by Cambridge, which had the fastest increase in house prices of all UK cities in the study at 14%.

GDP per capita grew at the second highest rate after the West Midlands, increasing 11.4% and average earnings increased by 3% to £25,882, the fourth highest region in the UK.

The region’s small business community played a key role in the overall rise in prosperity, SME turnover growing by 6%, with businesses in Norwich and Cambridge seeing an increase of 9% and 2% respectively.

The number of millionaires in the region reduced slightly by 2.2%, from a population of 93,000 to 91,000, in line with the wider UK trend.