An inner-city area of Liverpool has been crowned Great Britain’s newest property hotspot after seeing house prices rise by 20 per cent in the past year.
New data from UK property portal Rightmove has revealed that Toxteth in Liverpool is the new property price hotspot across Great Britain after average asking prices for a home in the area jumped 20 per cent to £151,958 from £126,806 in September 2020.
Although a significant change, the property portal points out that the steep percentage rise may be because the area is in the top 10 per cent of the cheapest areas across Great Britain to live where a £25,000 rise makes a big difference to the percentage compared to similar rises in other, more expensive areas.
More famously remembered for the 1981 Toxteth riots where 500 people were arrested and at least 70 buildings were destroyed by fire, the area has earned a reputation for being one of the more troubled areas of the city. This has, up until now, helped house prices stay low.
However, local estate agent Warren Matthews, from James Kristian Estate Agents in Liverpool believes the area is seeing new interest, saying: “Due to the improvements in the area, places like Toxteth have grown in popularity, and we’re now seeing properties appeal to a wide range of buyers, from first time, next time and investors. This has pushed demand up which has therefore significantly increased prices in the area, and we’re still seeing high levels of buyer interest as we approach the final months of the year.”
Accrington in Lancashire, Retford in Nottinghamshire and Heywood in Greater Manchester were next in the list of places experiencing large increases in average house prices, with all three seeing prices rise by 19 per cent in September compared to last year.
When it comes to success on this list, five of the top ten hotspots are in the North West, with asking prices across the region rising by an average of 8 per cent on last year. Furthermore, the research found that sellers are finding a buyer two weeks quicker than in September 2020.
Prices Continue to Rise at Record Levels
The national average asking price currently stands at a record of £338,462, up 5.8 per cent compared with September 2020.
In fact, since the start of last year, almost three-quarters of areas around Great Britain (71%) have hit record asking prices, with seven regions across Great Britain (North West, West Midlands, Wales, South West, East Midlands, East of England & South East) experiencing upwards of 6 per cent growth in asking prices, which could signal an opportunity for homeowners considering a move to take action now to maximise returns
Tim Bannister, Rightmove’s Director of Property Data, comments: “There’s been significant growth across so many areas of Great Britain over the past year, which is reflected in the new price hotspots, where six different regions appear in the top ten. The number of homes for sale is at a record low, and buyer demand remains high. This competition for properties is supporting price growth. Homeowners in these areas, or in the many areas across Great Britain that have seen record growth this year, might be thinking that now is the time to consider moving, so we’d recommend speaking to your local agent for advice on making the move.”
Have you seen large price rises in your area?