September 28, 2023

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The place did home costs rise essentially the most in 2022?

3 min read

Home value will increase can usually be a robust indicator that areas are well-liked with home-movers, as a result of as a location turns into extra fascinating, home costs rise.

The city of Eastwood in Nottinghamshire, which sits between the cities of Derby and Nottingham, is 2022’s prime value hotspot. Home costs within the space rose by 29% final yr, placing the common value of a house at £231,381. However that’s nonetheless over £100,000 lower than the common value of a house in Nice Britain, which is at present £359,137. You possibly can verify the common value of a house in your space in our month-to-month Home Worth Index.

What do the native specialists say?

Eastwood’s recognition with home-movers could also be on account of its native facilities, and having inexperienced area shut by. Native property agent Will Watson, Director at Watsons Property Brokers in Nottinghamshire, says:

“We’ve got discovered that Eastwood has at all times been a preferred location for consumers because it has all kinds of outlets, good college & GP provision, has the countryside close by and nice transport hyperlinks with quick access to the M1 motorway. There may be fairly a excessive proportion of ex native authority and terraced homes that are nicely constructed and symbolize good worth for cash, with many gross sales we see under the nationwide common, so it’s no shock that individuals have been relocating to the Eastwood space for extra worth”.

Which different areas noticed the most important value will increase?

Of the ten value hotspots for 2022, 5 areas have common home costs under the nationwide common. Together with top-placed Eastwood, these areas included Hulme, Chelston, Little Lever and Deeping St James.

Take a better take a look at the complete checklist right here:

Rank Space

Common asking value 2022

Common asking value 2021 Common asking value change versus 2021
1 Eastwood, Nottingham £231,381 £179,194 +29%
2 Hulme, Higher Manchester £238,249 £188,454 +26%
3 Sandbanks, Dorset £1,585,246 £1,298,385 +22%
4 Heathfield, East Sussex £405,846 £336,538 +21%
5 Chelston, Devon £275,773 £229,090 +20%
6 St. Peters, Kent £379,199 £315,126 +20%
7 Cowes, Isle of Wight £367,569 £307,065 +20%
8 Little Lever, Manchester £202,890 £169,709 +20%
9 Birchington, Kent £416,156 £349,206 +19%
10 Deeping St. James, Cambridgeshire £326,824 £274,412 +19%


How did home costs change in 2022?

On the finish of 2022, home costs had risen by a mean of 5.6% throughout Nice Britain when in comparison with 2021. They have been additionally 19.7% greater than in 2019, earlier than the pandemic started. Our property knowledgeable, Tim Bannister, says:

“Property costs have risen exceptionally over the past three years. If we evaluate with December 2019, simply earlier than the pandemic began, the common asking value of a house in Nice Britain has risen by a staggering 20%. To place that into context, asking costs rose simply 3% within the earlier three years, and we have to go all the best way again to 2013 to see comparable value development”.

What might this imply in case you’re considering of transferring this yr?

In 2023, we’re predicting that asking costs will drop by a mean of two%, and you’ll learn extra about why in our home value forecast. However as a result of there shall be numerous native markets at play, home value adjustments are more likely to be totally different, relying on the place you reside in Nice Britain. It’s because costs are affected by issues like accessible properties, desirability of the situation and affordability of the world.

As a result of many home-owners have seen the worth of their properties rise in earlier years, this might develop into an element for sellers once they’re placing their properties available on the market. Tim says:

“Now that the frenetic interval for the market is over, and it’s seemingly that some sellers, significantly these in areas and sectors of the market which have benefitted essentially the most from pandemic value development, could also be prepared to surrender a few of their positive aspects on this calmer market to be able to negotiate a profitable sale.”

The header picture for this text was supplied courtesy of Watsons Property Brokers, Nottingham.

READ MORE: Pondering of transferring in 2023? Right here’s what it’s good to know


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