New data from Rightmove has revealed the UK’s property hotspots, with one Greater Manchester area featuring on the list. The latest data from the UK’s biggest property site has highlighted 10 areas where house prices have risen over the course of the last year.
Across the UK, average asking prices at the end of 2023 were 1.1 per cent lower than at the same time in the previous year. But with Great Britain being made up of thousands of different local markets, with varied levels of supply and demand, some parts of the country saw house prices soar.
These areas, where property prices are increasing much more than the national average, often indicate that the area is high in demand with house hunters. Rightmove revealed that Manchester’s inner city area of Hulme came in at second place on the list for the second year running.
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The average price of a home in Hulme rose by 16 percent over the last year, with houses now costing around £275,886 – up from £238,249 in 2022 and £188,454 in 2021. Once home to the famous Crescent flats, the residential area is popular with students, young professionals and families alike and has been repeatedly redeveloped in recent years.
According to Rightmove, the majority of sales in the area over the last year were flats, selling for an average price of £177,487. Terraced properties sold for an average of £231,616, with semi-detached properties fetching £232,500.
Tim Bannister, Rightmove’s property expert said: “Even in the more muted market of 2023, many areas across Great Britain saw an increase in asking prices last year. Many traditionally popular areas maintained their allure amongst buyers, whilst cheaper areas were also high on the list for buyers last year with affordability stretched.”
At the top of the list, Sandbanks in Poole, Dorset was named the UK’s price hotspot, with average asking prices increasing by 20 percent compared to 2022, from £1,586,349 up to £1,909,943. Local estate agents reported that popular areas with fewer homes for sale outperformed the wider market.
Steve Isaacs, Director at Luxury and Prestige Realty in Poole says: “It’s been a very successful year selling prime waterfront properties on Sandbanks, which have outperformed the wider market. In fact, the Sandbanks market has continued to strengthen throughout the year. The strong market has been due to a limited supply of suitable properties combined with an increase in demand. The lifestyle element is not to be under-estimated, and the allure of living on the waterfront continues to attract buyers from out of the area.”
Here are the UK’s top 10 property hotspots of the year:
In other news, Rightmove has said that renters are continuing to leave the city. Across ten major cities, their data revealed that 54 percent of renters looking for a new a home wanted to move outside of the city they lived in rather than within it.
A severe shortage of properties to rent, fierce competition to secure the homes that are available, and rising rental prices has caused more renters to explore new areas outside of cities.
