A former mining town in Nottinghamshire saw the biggest rise in prices for homes for sale last year, new research has revealed.
The asking price in the City of Eastwood is set to increase by 29 per cent to £231,381 in 2022 from £179,194 in 2021. In cash terms, this equates to an increase of £52,187 in just one year.
The city has topped the list of ten places to see the highest increase in property prices in 2022, as identified by Rightmove.
Rightmove reveals the top ten locations where the demand for homes will increase the most in 2022
Eastwood, Nottinghamshire saw the biggest increase in asking prices last year, according to Rightmove
The property’s website suggested that new buyers at Eastwood with a 10 per cent deposit face average monthly mortgage payments of £1,374. This drops to £1,115 per month for those who can top up their deposits by up to 25 per cent.
Will Watson of Watson Estate Agents in Nottinghamshire said: ‘We have found that Eastwood has always been a popular location for buyers as it has a variety of shops, a good school and great transport links via the M1 to the surrounding countryside Huh. Motorway.
‘There is a significantly higher proportion of pre-local authority and terraced homes that are well built and represent good value for money, with many sales we see below the national average, so it is no surprise that People are relocating to the Eastwood area. for more value.
Rightmove said Hulme, Greater Manchester, saw a 26 per cent rise in average asking prices last year
Hulme in Greater Manchester is second on the list, with the average asking price rising 26 per cent to £238,249 from £188,454 last year.
Sandbank in Poole, Dorset, is third, with prices rising by 22 per cent.
The South East has the highest-priced hotspots in the top ten, although the North East saw the largest regional annual increase of 10.3 per cent last year.
Overall, average asking prices in the UK at the end of 2022 were 5.6 per cent higher than at the same time in 2021.
Price increases during the last three years, especially since the start of the pandemic, have varied between sectors and regions.
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The costlier area of Sandbank in Poole, Dorset, is also set to prove popular in 2022, with a 22 per cent rise in prices
Rightmove reveals the top ten locations with the largest increase in asking prices in 2022
Wales saw the largest increase in average asking prices during this period, at 27 per cent, while London saw the least, at 11 per cent.
The average asking price for a luxury property across the board in Wales – which includes five-bedroom houses and flats as well as four-bedroom detached homes – has increased by 4 per cent on average since 2019, up by 30 per cent developed. First time buyer type properties in London – properties with two-bedrooms or less in the same time period.
Even with the variations by region and region, those who acted swiftly in the early stages of the pandemic will be feeling the full benefits of the increase in the value of their homes.
Cows on the Isle of Wight saw a 22 per cent rise in prices over the last year
Rightmove predicts that average asking prices across the UK will fall by 2 per cent in 2023, after two and a half years of what it describes as ‘extraordinary’ growth.
It said so-called ‘supra-local differences’ between areas and segments of the housing market would become even more pronounced, with prices depending on the type of property available and the desirability and affordability of the exact location.
It added that the beginning of the year is likely to be a period of ‘re-adjustment’ for both buyers and sellers as the market settles into its pattern, with buyer affordability ‘wide spread’.
Tim Bannister of Rightmove said: ‘Property prices have risen exceptionally well over the past three years.
‘If we compare with December 2019, just before the pandemic started, the average price of a house in the UK has increased by 20 per cent. To put this into context, prices only rose 3 percent in the past three years, and we need to go back as far as 2013 to see similar price increases.
‘We expect average asking prices to decline by 2 per cent next year as the frenetic period for the market ends, and it is likely that some sellers, particularly in market locations and areas that are affected by the pandemic, will be able to increase their prices. have benefited the most from Vikas may be willing to give up some of his profits in this quiet market to negotiate a successful sale.’
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