Sunday, February 25, 2024
Real EstateUK

Research reveals UK’s top property hotspots

Research by Halifax found that of the 20 areas where property prices rose the most, four were in the North West

The North has outperformed the South in a league table of property hotspots this year. Research by mortgage lender Halifax found that of the 20 areas where property prices rose the most, four were in the North West: Rochdale, Widnes, Bolton and Wirral.

Another three were in the Yorkshire and Humber region: Bradford, Scunthorpe and Doncaster.

Just two areas in the South East made it to the list.

The turnaround from a year ago, when the ranking was dominated by the South East and London, is partly due to the region’s already sky-high property prices but also a shift triggered by the Covid crisis.

With so many people forced to work from home, a flood of buyers have opted to move where they can get more space for their money.

Rochdale in Greater Manchester ranked third in the list of property hotspots, with average prices soaring 18.5% – nearly three times the national average – to £206,098 this year.

It was pipped, however, by Taunton in Somerset where prices have jumped by nearly 22% to £315,759 this year, according to Halifax.

Just behind Taunton is Newark, in the East Midlands, where average prices were found to have surged by a fifth to £280,934.

Russell Galley, managing director of Halifax, explained: 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.

In cash terms, Chippenham saw the biggest price jump, with prices in the Wiltshire town leaping from £322,859 in 2020 to £381,181, an increase of £58,322, or 18.1%.

On the flipside, prices in Greater London dropped by an average of 0.6% this year.

Westminister was found to have suffered the biggest drop of any area – down 6.9% – although a typical property still cost £738,088, well over double the national average.

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