House prices: Expert discusses 'interesting' pricing differences
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The UK’s largest property site, Rightmove, has named Mountain Ash, in Rhondda Cynon Taf, Wales as this year’s property price hotspot. The average price for a home this year in Mountain Ash is now £137,220, compared to £104,431 last year – an increase of around £33,000. The population of the town is estimated to be around 11,339 as of 2019.
Porth, also in Rhondda Cynon Taf, came in second place on Rightmove’s price hotspot.
Asking prices in the small town have risen by 26 percent.
Kirkby in Liverpool is third on the list with asking prices increasing by 21 percent this year.
Wales has topped the list as this year’s regional house price hotspot.
Average asking prices have increased by 10.5 percent in Wales compared to last year, followed by the South West and the South East.
The only area of the south of England to appear in the top 20 asking price hotspots was St Ives.
Average asking prices have increased by 15 percent this year in St Ives from £411,484 to £473,161.
Holyhead, also in Wales, has also topped the list of areas that have seen the biggest jump in sales agreed.
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This year’s quickest market was Dalgety Bay in Fife, Scotland where homes in the area find a buyer in an average of just two weeks.
The top 10 fastest markets are predominantly locations in Scotland.
However, Scottish locations tend to dominate this category due to the housing process being slightly different to England and Wales.
Currently, high demand and low housing stock has meant there has been high competition between buyers for available properties.
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Rightmove has predicted that demand will continue to be high in 2022 with every region hitting record price growth this year and seven in 10 homes for sale on the site finding a buyer.
Tim Bannister, Rightmove’s Director of Property Data said there has been “significant growth” in average asking prices across many areas of the country.
He continued: “Strong competition for available properties, driven by low stock and high demand, has propped up asking prices throughout the year, and agents report that having multiple bidders for available properties will continue to be a theme into at least the first half of next year, although we do expect a better balance of supply and demand during the course of 2022, and some fresh property choice for buyers.
“With so many areas reaching asking price records, homeowners might be thinking that the new year is the time to take action and move, and maximise the return for their property.
“We’re expecting a wave of new buyers early in the new year, so we’d recommend this group who might be considering coming to market speak to their local agent for advice on making a new year move.”
Average asking price hotspots:
1. Mountain Ash, Rhondda Cynon Taff
2. Porth, Rhondda Cynon Taff
3. Kirkby, Merseyside
4. Rawmarsh, South Yorkshire
5. Methil, Fife
6. Bradley, West Yorkshire
7. Whitby, North Yorkshire
8. Tranmere, Cheshire
9. Norris Green, Merseyside
10. Sneinton, Nottinghamshire
11. Milford Haven, Pembrokeshire
12. Handsworth, Birmingham
13. Haxby, York
14. St. Ives, Cornwall
15. Stewarton, Ayrshire
16. Bacup, Lancashire
17. Little Hulton, Greater Manchester
18. Walmersley, Greater Manchester
19. Rossington, Doncaster
20. Anfield, Merseyside
Increase in number of sales agreed:
1. Holyhead, Anglesey
2. Mablethorpe, Lincolnshire
3. Bartley Green, Birmingham
4. Porth, Rhondda Cynon Taff
5. Liswerry, Newport
6. Montrose, Angus
7. Ebbw Vale, Blaenau Gwent
8. Auchterarder, Perthshire
9. Old Basford, Nottinghamshire
10. Litherland, Merseyside
Quickest markets to find a buyer:
1. Dalgety Bay, Fife
2. Uddingston, Glasgow
3. Rosyth, Fife
4. Bishopton, Renfrewshire
5. Falkirk, Stirlingshire
6. Denny, Stirlingshire
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