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A former mining town in Nottinghamshire saw the asking prices of homes for sale rise the most last year, new research shows.
Asking value in the town of Eastwood increased by 29 per cent to £231,381 in 2022, compared to £179,194 in 2021. In cash terms, this equates to an increase of £52,187 in just one year.
The city tops the list of the ten locations where property asking prices have risen the most in 2022, as identified by Rightmove.
Rightmove has revealed the top ten places where home asking prices rose the most in 2022
According to Rightmove, demand values rose the most in Eastwood, Nottinghamshire, last year
The property website suggested that new buyers in Eastwood with a 10 per cent down payment will face average monthly mortgage payments of £1,374. This drops to £1,115 per month for those who can afford to increase their deposit to 25 per cent.
Will Watson, from Watsons Estate Agents in Nottinghamshire, said: ‘We have found that Eastwood has always been a popular location for buyers, as it has a wide variety of shops, a good school and countryside close by, with excellent transport links via the M1. motorway.
“There’s a fairly high proportion of former town halls and terraced houses that are well built and good value for money, with a lot of sales that we’re seeing below the national average, so it’s no surprise that people have moved to the Eastwood area for more where the.’
Rightmove said Hulme, Greater Manchester, saw average asking prices rise 26 per cent last year
Hulme in Greater Manchester is second on the list, with average asking prices up 26 per cent last year, from £188,454 to £238,249.
Sandbanks in Poole, Dorset, is third with asking prices rising by 22 per cent.
The Southeast has the most price hotspots within the top ten, although the Northeast saw the largest regional annual growth rate of 10.3 percent last year.
Overall, average asking prices in Britain at the end of 2022 were 5.6 percent higher than at the same time in 2021.
Price growth over the past three years, especially since the start of the pandemic, has varied across regions and sectors.
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The expensive Sandbanks area in Poole, Dorset, also proved popular in 2022, with asking prices rising by 22 per cent
Rightmove has revealed the top ten places where asking prices have risen the most in 2022
Wales saw the biggest growth in average asking prices, up 27 per cent, over this period, while London saw the lowest growth, up 11 per cent.
The average asking price for luxury properties across the board in Wales – including five-bedroom houses and apartments and four-bedroom detached houses – is up 30 per cent since 2019, compared with a 4 per cent increase in the average starter home type in London – homes with two bedrooms or less – in the same period.
Even with regional and sector differences, those who acted quickly in the early stages of the pandemic will take full advantage of the appreciation of their homes.
Cowes, on the Isle of Wight, saw asking prices rise by 22 per cent over the past year
Rightmove predicts average asking prices in Britain will fall by 2% in 2023, after two and a half years of what it describes as ‘exceptional’ growth.
Furthermore, it is said that so-called ‘hyper-local disparities’ between sectors and segments of the housing market will become even more pronounced, with prices depending on the type of real estate available and the desirability and affordability of the exact location.
It added that there will likely be a period of “readjustment” for both buyers and sellers at the start of the year as the market settles into its pattern, with affordability being “stretched more” for buyers.
Tim Bannister of Rightmove: ‘Real estate prices have risen exceptionally over the past three years.
Compared to December 2019, just before the pandemic started, the average asking price of a house in Britain has risen by a whopping 20 per cent. To put that in context, asking prices have only increased by 3 percent in the last three years, and we have to go all the way back to 2013 to see comparable price growth.
“We expect average asking prices to fall 2% next year now that the hectic period for the market has passed, and it is likely that some sellers, especially those in locations and sectors of the market that have benefited most from the pandemic, price growth, they may be willing to give up some of their profits in this quieter market to negotiate a successful sale.”