Move iQ: How to maximise your property’s value
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At the beginning of the pandemic in 2020, many Britons fled city living for the countryside or the seaside. With life returning to normal city locations offering easy access to the countryside and coast are quickly becoming property hotspots, according to Rightmove. According to their research, one city in particular is seeing strong asking price growth.
Rightmove has unveiled that Bath in Somerset is the top city price hotspot, with asking prices rising more than in any other city.
They said: “The average cost of buying a home in the spa city has risen by 15 percent in a year, to just above £558,000.”
This is nearly £200,000 more than the UK average house price of £360,101.
In 2015, Bath was named the second safest city in the world to live in and continues to rate highly as one of the safest places to live in the UK.
A historic and vibrant city, Bath has lots to offer including green spaces, great nightlife and plenty of shopping opportunities.
Truro in Cornwall was the second city price hotspot, and the resort town of Southend-on-Sea in Essex was third.
Average asking prices in Truro now stand at £323,209, a 14.6 percent price increase year-on-year.
The area has plenty of period cottages as well as bigger semi-detached houses with gardens.
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Southend-on-Sea was granted city status last year and is home to the UK’s longest pier.
Properties in the area vary, from waterfront priorities to terraced homes.
Tim Bannister, Rightmove’s property expert, said buyer demand soared for cities like Bath and Plymouth when the market reopened in 2020, while the popular major cities like London dropped as people looked for more space.
He said: “Now, we’re still seeing really high buyer demand for these cities, but the number of new homes coming onto the market hasn’t been able to keep up with the buyers enquiring, which has led to asking prices accelerating over the last year.”
In fourth spot was Plymouth, followed by Gloucester and Hereford.
Hereford has seen a 12 percent increase in average asking price, with the figure now standing at £255,631.
April saw homes selling faster than ever in a spring market frenzy, according to Rightmove.
The online property portal said that the price of property coming to market hit a new record high for the third consecutive month.
They said: “Month-on-month prices have risen by an average of 1.6 percent, and over the last three months by £19,082.
“This figure is the latest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices.”
With not enough property available on the market, sellers are able to find a buyer quicker than ever previously seen by Rightmove.
Rightmove predicts that the rise in house prices will slow down as the year progresses.
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