Neighbours in a Nottinghamshire town admitted they were surprised as the area reported the highest rise in house prices in the country. The average asking prices for homes in Eastwood increased by 29 percent in the last year, according to latest figures from property website Rightmove.
The data shows the average price for a home in the town was £231,381 in 2022, up from £179,194 in 2021. Residents have spoken of their love for the town but said they did not expect prices to increase so much.
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58-year-old Jane Green said: “I like it here. Whilst the high street could be better, we still have a few shops, decent cafes. I can’t speak on the schools, but travel links aren’t too bad, we’ve got good buses and near the M1. I’m pretty surprised to be honest. It’s just the same as any other town.”
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.
Another resident, 69-year-old Diana Naylor, questioned why Eastwood is a property price hotspot. She said: “It’s not too bad here. There are more charity shops than anything. It’s better than Heanor. I don’t really know much about the property market.
“I don't know why it is here? You’ve got to go into Nottingham if you want anything.”
Her daughter, Michelle Henson, 43, added: “We do need a bit more better shops like a B&M bargains and Peacocks is our only clothes shop.”
Sean Duggan, 57, who has lived in Eastwood for the past five years said: “It's a nice place. In my opinion, I thought it was city centre prices that are so high. I am surprised because I thought it would have gone up everywhere.”
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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