UK average house prices exposed – The regions where prices have rocketed this year
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During the coronavirus pandemic, many people have decided to move houses. The search for more space is a trend many have jumped onto during the pandemic, which may have contributed to the decreased interest in city dwellings. Chancellor Rishi Sunak’s Stamp Duty holiday also provided extra incentives for many to move house over the last year.
How has the pandemic affected house prices?
As more people have moved from cities and suburbia, the price of houses in some countryside areas have rocketed.
Pete Mugleston, MD and Mortgage Expert for www.onlinemortgageadvisor.co.uk, told Express.co.uk: “It’s no secret that the property industry has seen a huge increase in house prices since the start of the pandemic, with people often trading inner-city life for rural life now there is less of a demand to be in the office due to flexible working options.
“What people are looking for with a property has definitely changed, and people are valuing space and gardens much more than they ever have before.”
If you’re looking for houses in an area where prices have rocketed, it may still be possible to find a good deal.
Karina Hutchins, head of Home by OpenMoney, told Express.co.uk people should consider looking further out from their chosen locations.
Ms Hutchins said: “If you’re interested in an area that’s out of your price range, look at surrounding areas with easy access to what’s important to you.”
She added: “Sometimes you’re just paying for the postcode.”
Which areas have seen the highest rise in prices?
Property experts have highlighted how many people have swapped their metropolitan houses for a base in the countryside or on the coast.
Helen Hutchison, a residential property partner at law firm Irwin Mitchell, told Express.co.uk: “The lowest rises being in London shows a sustained move away from the city lifestyle, presumably due to a mixture of cheaper property, wanting more space and a change of pace.
“Higher prices in places like Cornwall and Derbyshire seem to confirm this mass exodus to the countryside.
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“In the north, the housing market is still very buoyant, with properties being sold within days of going on the market. We’re not seeing a slowdown of this trend.”
Housing data suggests many people are moving to the north, prompting house prices to grow in some northern regions.
Dale Anderson, MD of Fabrik Invest, told Express.co.uk: “The highest price growth we’ve seen has been in cities like Liverpool, where the latest Zoopla housing index shows a price increase of 8.9 percent this year to date, followed by Belfast at 7.7 percent and Manchester in third place at 7.4 percent growth this year.
“Sheffield, Nottingham and Leeds all follow, highlighting strong growth in the northern regions of the UK, compared to 5.4 percent average growth across the UK.”
The latest Zoopla housing index released in July 2021 showed average house prices are up 30 percent since the market peak in 2007, with the average value of a home in the UK reaching £230,700.
Northern Ireland and Wales saw the strongest house price growth with 8.6 percent and 8.4 percent respectively.
Zoopla said that at a regional level, house price growth was “at its highest in the northwest and Yorkshire & the Humber.”
According to a study by Halifax, London has dropped out of the top five league tables of the most unaffordable cities to buy a home in the country.
Winchester was named the most unaffordable city in the country, with Oxford, Truro, Bath, and Chichester also making the top five.
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