New data from Rightmove has revealed two Greater Manchester areas that have become property hotspots over the last year. The UK’s biggest property website compared average house prices across the UK between 2022 and 2021 to find the areas where prices have risen the most.
Areas where property prices are increasing much more than the national average indicate that the area is a hotspot where there is a high demand for homes.
Manchester's inner city area of Hulme came in at 2nd place of Rightmove's UK property hotspots, after the average price of a home in the area jumped up by 26 per cent from £188,454 in 2021 to £238,249 in 2022.
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Hulme is a residential area that is repeatedly redeveloped and due to it being home to Manchester Metropolitan University's Birley campus, it proves to be popular with students, as well as young professionals and families.
Little Lever in Bolton is another of Greater Manchester's property hotspots of the year, according to Rightmove.
The town came in at eighth on the list, with prices soaring by 20 per cent from £169,709 in 2021 up to £202,890 in 2022.
Rightmove revealed that Eastwood in Nottinghamshire was 2022’s biggest property price hotspot, with average asking prices in the area jumping by 29% compared with 2021.
The average price for a home in Eastwood was £231,381 in 2022, which climbed up from £179,194 in 2021. New buyers in Eastwood with a 10% deposit face average monthly mortgage payments of £1,374, which drops to £1,115 per month for those that can afford to put down a 25% deposit.
South East areas featured the most in the top 10 property hotspots. However, the North East saw the biggest regional annual growth of 10.3% in 2022.
Other areas that made the list of property hotspots include Sandbanks in Dorset, Heathfield in East Sussex, Chelston in Devon, St. Peters in Kent, Cowes in Isle Of Wight, Birchington in Kent and Deeping St. James in Cambridgeshire, with property prices in each area soaring by more than 19 per cent since 2021.
Overall, average house prices were 5.6 per cent higher across the UK at the end of 2022 than they were at the same time in 2021.
Next year, Rightmove predicts average asking prices across Great Britain will drop by 2 per cent, with prices depending on the types of property available and the desirability and affordability of the exact location.
This means it will be important for sellers to work with a good, local estate agent who knows every corner of the area.
Tim Bannister, Rightmove’s property expert said: “Property prices have risen exceptionally over the last three years. If we compare with December 2019, just before the pandemic started, the average asking price of a home in Great Britain has risen by a staggering 20%.
"To put that into context, asking prices rose just 3% in the previous three years, and we need to go all the way back to 2013 to see similar price growth.
"We expect average asking prices to drop by 2% next year now that the frenetic period for the market is over, and it is likely that some sellers, particularly those in locations and sectors of the market that have benefitted the most from pandemic price growth, may be willing to give up some of their gains in this calmer market in order to negotiate a successful sale.”
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