The UK cities with the biggest rise in asking prices have been revealed in new data — and London is nowhere to be seen
The new city hotspot list, compiled by property website Rightmove, is topped by Somerset’s picturesque city of Bath which has seen asking prices rise more than any other city in the country.
The spa city on the River Avon, renowned for its Georgian properties, has seen prices soar by 15 per cent over the past year. Overall average house prices in the area currently stand at £550,423.
The new research shows that the race for space sparked by the pandemic is still having an impact on the property market, with asking prices rising the most in cities near the coast or with easy access to the countryside.
Truro in Cornwall is second in the list with a 14 per cent price rise, while Southend-on-Sea, which officially became a city last month, is close behind with a jump of 13 per cent.
The other cities in the top five are Plymouth and Gloucester with rises of 12 per cent.
Across the top ten city hotpots, the average increase in asking prices is 12 per cent, outpacing the current national average of 9 per cent.
According to Rightmove, one of the reasons behind the significant rise in prices is the mismatch of supply and demand currently being seen across the UK.
In the South West, where four of the top five cities are located, the number of properties available has dropped by 39 per cent compared to last year.
The shortages of available property has led to high competition between buyers for the homes available.
According to Rightmove, Glasgow is the most competitive city to buy a home, followed by Stirling and Sheffield. In Exeter, competition has more than doubled over the last year.
Tim Bannister, Rightmove’s Director of Property Data said when the market reopened after lockdowns in 2020, demand really soared in places like Bath or Plymouth, which have “easier access to the coast and countryside”.
“Initially, the supply of homes available kept up with some of this surge in demand, steadying asking prices. Now, we’re still seeing really high buyer demand for cities like Bath, Plymouth and Truro, 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.”
City price hotspots
City |
Increase in asking price |
Bath |
15.0 % |
Truro |
14.6 % |
Southend-on-Sea |
12.5% |
Plymouth |
13.4% |
Gloucester |
12.0% |
Hereford |
12.0% |
Wolverhampton |
11.8% |
Norwich |
11.8% |
Peterborough |
11.6% |
Salford |
11.3% |
