When house prices rise in a particular area, it is a good indication that many house hunters are looking to live there. New data from Rightmove has now revealed the top 10 hotspot cities to live in Great Britain, where demand is high and asking prices have risen by up to 15% over the last year.
The latest data has revealed that Salford in Greater Manchester is number 10 on the list of the hotspot cities in the country. According to Rightmove, the average asking price for properties in Salford is £211,904, which is a growth of 11.3% since 2021.
Last week Rightmove announced that the average house price across the whole of the UK has reached a new all-time high as the price of properties coming onto the market continues to soar. As demand continues to outweigh supply, house prices are showing no sign of slowing down, particularly in these sought-after cities.
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The online property portal revealed that Bath is the top hotspot city in Great Britain, with asking prices rising 15% over the last year, more than any other city. The average asking price here is now £558,018.
Truro in Cornwall is the second on the list, with an asking price increase of 14.8, with Southend-On-Sea, Great Britain’s newest city after being granted city status earlier this year, in third place with an annual growth of 13.4%.
The top five city asking price hotspots are in some of the most popular coastal and countryside areas, highlighting that many buyers are looking to live in cities with more rural space.
Across the top ten city hotpots, the average increase in asking prices is 12.6%, outweighing the current national average of 9.9%. One of the reasons behind the significant rise in prices is the mismatch of supply and demand, where over the last year, the number of buyers enquiring to move to many cities has outweighed the homes available.
Tim Bannister, Rightmove’s director of property data said: “Since the pandemic started, we’ve been tracking interesting changes in buyers’ relationship with cities. In the first stages of the pandemic, we saw the popularity of some major cities like London temporarily drop as more people looked for more space.
"However, for other cities like Bath or Plymouth, which perhaps have easier access to the coast and countryside, we saw demand really soar when the market reopened in 2020. 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.”
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