A Nottinghamshire town has been crowned as the UK's property price hotspot, as new data revealed a major jump in asking prices. The average asking prices for homes in Eastwood increased by 29 percent, according to latest figures.
Data from the UK property website Rightmove has ranked the areas which have seen the greatest growth in property prices in the last year. The figures show the average price for a home in Eastwood was £231,381 in 2022, up from £179,194 in 2021.
Eastwood is a former coal mining town in the Broxtowe district of Nottinghamshire. It is located 8 miles northwest of Nottingham and 10 miles northeast of Derby - on the border between Nottinghamshire and Derbyshire.
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New buyers in Eastwood face a 10 percent deposit on average, and monthly mortgage payments of £1,374. This drops to £1,115 per month for those that can afford to put down a 25 percent deposit.
Hulme in Greater Manchester is second on the list, where average asking prices rose by 26 percent from £188,454 to £238,249. Sandbanks in Poole, Dorset is third where asking prices rose by 22 per cent.
The South East features the most price hotspots within the top 10, however, the North East saw the biggest regional annual growth of 10.3 percent last year. Overall, average asking prices were 5.6 percent higher across Great Britain 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 percent after two and a half exceptional years, and hyper-local differences between sectors and segments of the market will become even more pronounced, 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, Rightmove said.
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."
Will Watson, Director at Watsons Estate Agents in Nottinghamshire, said: “We have found that Eastwood has always been a popular location for buyers as it has a wide variety of shops, good school and GP provision, has the countryside nearby and great transport links with easy access to the M1 motorway. There is quite a high proportion of ex local authority and terraced houses which are well built and represent good value for money, with many sales we see below the national average, so it's no surprise that people have been relocating to the Eastwood area for more value."
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