Rightmove analysis of the year reveals Eastwood in Nottinghamshire is 2022’s price hotspot, with average asking prices for homes in the area rising by 29% compared with 2021.
The average price for a home in Eastwood was £231,381 in 2022, compared to £179,194 the previous year, while the average monthly mortgage payment for a new buyer with a 10% deposit in Eastwood is £1,374.
Hulme in Greater Manchester is second on the list with asking prices rising by 26%, and Sandbanks in Dorset is third (+22%)
At the end of 2022, the average asking price for a home in Great Britain was 5.6% higher than 2021, and 19.7% higher than 2019, just before the pandemic began
The average price for a home in Eastwood was £231,381 in 2022, up from £179,194 in 2021. New buyers in Eastwood with a 10% deposit face average monthly mortgage payments of £1,374, which drops to £1,115 per month for those that can afford to put down a 25% deposit.
Hulme in Greater Manchester is second on the list, where average asking prices rose by 26% from £188,454 to £238,249. Sandbanks in Poole, Dorset is third where asking prices rose by 22%.
The South East features the most price hotspots within the top 10, however the North East saw the biggest regional annual growth of 10.3% last year.
Overall, average asking prices were 5.6% higher across Great Britain at the end of 2022 than they were at the same time in 2021.
According to Rightmove, property price growth over the last three years, particularly since the pandemic began, has varied between regions and sectors, with Wales seeing the biggest growth in average asking prices (+27%) during this period, while London has seen the lowest (+11%).
The average asking price for a top-of-the-ladder property in Wales (five bed houses and flats as well as four bed detached houses) has increased by 30% since 2019, compared with a rise of 4% in the average first-time buyer type property in London (two-bedroom and fewer properties) in the same time period.
Even with region and sector variations, those who acted quickly in the early stages of the pandemic will be feeling the full benefit of the rise in value of homes. For those who made a big life move to the coast or countryside, they may be hoping there is no return to the days of commuting to a city office five times a week.
Next year, Rightmove predicts average asking prices across Great Britain will drop by 2% after two and a half exceptional years, and hyper-local differences between sectors and segments of the market will become even more pronounced, with prices depending on the types of property available and the desirability and affordability of the exact location.
Will Watson, director at 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, good school & GP provision, has the countryside nearby and great transport links with easy access to the M1 motorway. There is quite a high proportion of ex local authority and terraced houses which are well built and represent good value for money, with many sales we see below the national average, so it’s no surprise that people have been relocating to the Eastwood area for more value.
“When we opened our branch on the main high street in Eastwood at the end of 2021, our buyer database almost doubled, which highlights the popularity of the area, and our proactive sales team have been able to harness that demand by arranging viewings at the earliest opportunity.”
Average asking price hotspots
Average asking price 2022
Average asking price 2021
Average asking price change versus 2021
|2||Hulme, Greater Manchester||£238,249||£188,454||+26%|
|4||Heathfield, East Sussex||£405,846||£336,538||+21%|
|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%|
|10||Deeping St. James, Cambridgeshire||£326,824||£274,412||+19%|
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