The housing market is off to a positive start in 2022, according to property platform Rightmove. Figures show that property asking prices rose by 0.3% in January. It means that advertised house prices now average £341,019. That’s a 7.6% increase compared to January last year, and it’s the highest annual rate of growth since 2016.
But while we wait and see how house prices across the country continue to pan out, Rightmove has revealed the five most searched for house locations in the UK over the last 12 months.
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The capital was the most searched for location by the end of 2021. But despite coming out on top, house prices in London experienced some of the slowest growth in the country in the year to October 2021 (the latest official government figures).
The government figures also show that the average house price in London last autumn stood at £516,285, a 6.2% change from October 2020. In comparison, the East Midlands saw the highest annual change – rising by 11.7%.
Lockdown saw homeowners reassess priorities and flock to the countryside in search of more space, so it’s little surprise that holiday hotspot Cornwall was the second most searched for property location. In fact, throughout the course of 2021, Cornwall and London took it in turns in positions one and two with the capital reasserting its popularity by the end of the year.
Rightmove reported that average house prices rose by 20% in the fishing town of Padstow, while St Ives saw increases of 15%.
Another prime holiday destination, Devon is another popular region that has seen house prices rise.
Ashburton and Teignmouth in Devon saw the highest rises, with house prices going up by 27% since their previous peaks in 2016 and 2017, respectively. Average house prices stood at £343,328 in Ashburton and £285,238 in Teignmouth towards the end of last year.
Overall, the South West enjoyed a 9.9% annual increase in house prices, bringing average house prices in the region to £298,600.
Figures also show that Bristol’s popularity has been slowly but consistently growing over the last ten years. According to data from Rightmove, of the top ten locations outside London where house prices rose most in the last decade, six are in Bristol.
Of those six, Easton has seen asking prices increase by 120% since 2010. Whitehall in Bristol has also seen prices rise by 102%, followed by Totterdown (88%). Meanwhile, Eastville and Arnos Grove have both experienced an 86% increase in asking prices over the last ten years.
Regeneration has helped the Glasgow property market, as has the promise of new jobs in the area.
Glasgow’s housing market was given a big boost in 2021 thanks to the sale of several properties with price tags of more than £1 million. Market buoyancy also filtered down to more modest houses with terraces and townhouses also being snapped up. There’s also a considerable range in house prices in Glasgow. Two-bedroomed homes are available for around the £180,000 mark in the East End, and properties in fashionable Finnieston cost up to £270,000.
Glasgow’s rise in popularity and subsequent increase in house prices is in part thanks to local regeneration. On top of that, is the promise of more jobs as Barclays announced its new Barclays Glasgow campus. Located in Tradeston, the campus will be home to tech teams, as well as operations and functions teams, with the aim of attracting 5,000 employees. Similarly, investment bank JPMorgan Chase is planning on increasing the size of its Glasgow office.
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