Emerging Property Hotspots in the UK Amid a Cooling Market
In an unexpected twist, Scotland, the Midlands, and the North of England are emerging as the new darlings of the UK property market. Recent analysis suggests that places like Kearsney in Kent and Baillieston in Glasgow are becoming the next top destinations for property investment. This trend signals a significant shift in the property market, with interest from buyers swelling in these regions.
Hotspots in the Making
According to the nationwide data compiled by estate agency Hampton, these locations are among the top 30 areas in the UK where the number of people registering to buy a home has significantly increased in the past year. Interestingly, London’s East Ham has also seen a 71% surge in interest, with the average property selling for £410,990.
A Cooling Market?
Despite this regional growth, the overall UK property market seems to be cooling. The data reveals that there were 12% fewer applicants registering to buy a home across Great Britain from January to November in 2023 compared to the same period in 2022. This decrease coincides with a fall in average house prices by about 1.8% this year, as per Building Society Nationwide’s data.
The Bigger Picture
This slowdown is not isolated. Transactions across the UK were down 10% compared to pre-pandemic levels, and prices are now 4.5% below their all-time high in late summer 2022. The average price of a property in the UK now stands at £257,443. While this may seem troubling, the emergence of new property hotspots offers a glimmer of hope for potential homeowners and investors looking to enter the property market or expand their portfolios.
