Wednesday, January 26, 2022
Real EstateUK

Taunton named biggest house price hotspot in UK

Taunton

Over the past year, average house prices in Taunton have increased 21.8 percent, compared with a 6.2 percent increase across the UK generally, according to Halifax

Taunton has been identified as the biggest house price hotspot in the UK.

House prices in Somerset’s county town have grown at more than three times the national average rate, having risen by more than 20 percent over the course of 2021.

Over the past year, average house prices in Taunton have increased 21.8 percent, compared with a 6.2 percent increase across the UK generally, according to data from Halifax.

In cash terms, the average house price in Taunton rose by £56,546 to £315,759.

However, Taunton is not the only place in the South West to be among the biggest movers in the country where house prices are concerned.

With its good links to the M4 and rural surroundings, the Wiltshire town of Chippenham has also benefited from the ‘race for space’ among buyers, with the biggest increase in house prices in cash terms.

Prices there rose to an average of £381,181 – marking a rise of £58,322 since 2020.

These both represent a significant spike above even the average rate across the South West, with the rise across the region being 7.4 percent over the last year.

Now area in London appeared in the top 20 hotspots list.

Russell Galley, managing director, Halifax, said: As the county town of Somerset, this year’s house price winner, Taunton, has a lot to offer home-buyers with its high quality of life and great transport links to major towns and cities across the South West.

Like Taunton, many of the areas that saw the biggest house price growth over the last year enjoy a combination of greater affordability and space compared to nearby cities, he said.

Places like Bolton, Newark, Bradford and Hamilton – where there are a broad range of property types and settings – all offer significantly better value than their more metropolitan neighbours, he said.

Mr Galley added: This is perhaps most clearly shown in the UK’s capital. It is rare that no London boroughs appear amongst the areas of highest house price growth but that is the case in 2021.

He said: This shift echoes what we have seen from home-buyers over the last year – less focus on major cities and more demand in the suburbs and further afield.

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