The seaside village of Hemsby, in Great Yarmouth, Norfolk, has topped the list of villages in Great Britain that have seen the biggest increase in average asking prices for homes in the last year.
Average asking prices in the top-performing village of Hemsby increased from £221,533 in June 2020, to £270,144 in June 2021 – a significant rise of 22 per cent.
New data from leading property portal Rightmove has revealed that while average asking prices continue to rise across Great Britain, price growth in certain villages rose at a much higher rate than the national average in the year to June 2021.
Buyers Head to the Sea
In addition to Hemsby, a further two coastal villages in Norfolk have seen some of the biggest house price growth over the last year, namely Heacham in King’s Lynn, with average asking prices rising from £267,983 in June 2020 to £322,836 in July 2020 – a rise of 20 per cent, while Caister-On-Sea in Great Yarmouth rose from £215,521 to £240,909 – a rise of 12 per cent.
In fact, Norfolk wasn’t the only location with a higher average asking price growth located by the sea; six out of the ten villages with the biggest price growth (Hemsby, Heachan, Caister-on- Sea, Hamble and Milford-on-Sea) are near the coast. This reflects last year’s continuing trend where movers have been searching for homes outside of city centres after their location preferences changed as a result of the pandemic.
David Lowes, Partner at Mr & Mrs Clark in Norfolk, explained the trend: “With a general “escape to the country” desire prevalent for many, the rural county of Norfolk is in high demand. With its 90-odd miles of varied coastline, the added possibility of a “next-the-sea” lifestyle, and the simple pleasure of a stunning sunrise or sunset means the coastal villages are of particular attraction.
Hemsby and Caister in the east and Heacham in the west of the county offer some of the more affordable options thus driving the strong percentage price growth. Each of these villages are close to larger towns too which helps with the transition to the countryside in terms of availability of amenities and activities.”
Top 10 villages for biggest YoY Price Growth
Rightmove’s Director of Property Data Tim Bannister added: “Over the past year we’ve spoken a lot about the changes we’re seeing in where people are choosing to live, and this data shows continued demand from buyers looking for villages and rural locations outside of traditional major cities. While we have seen signs that cities are starting to make a steady comeback, particularly in the rental market, price growth across all areas of Britain continues to be strong. With the summer weather finally here, we’re seeing an added drive from buyers looking for that perfect village location by the sea, which is supporting price growth in these areas.”
Bannister’s comment makes reference to the recent research showing that record tenant demand and properties being let out quicker than ever before across Great Britain has led to the average asking rent of a home outside of London surpassing £1,000 (£1,007) per calendar month for the first time. The latest data also shared positive news for city centres, which had been experiencing a mass exodus since the beginning of the pandemic, as tenant demand begins to return.
Have you noticed house prices in your village rising exponentially?