New research has revealed which areas of the UK are in the running to become the next property price hotspots.
Since the start of the pandemic in January 2020, UK property prices have climbed by a huge 23.5 per cent.
The market has significantly slowed since the boom after the lockdowns ended and property market incentives such as the Stamp Duty discount period were introduced by the Government. In fact, over the last year, UK property prices have increased by an average of just 2.2 per cent.
However, Epping Forest in West Essex, on the borders of Great London, with average price growth of 7.6 per cent in the last year – more than triple the national average – is tipped to be the nation’s next house price hotspot according to the researchers.
Inverclyde, in west-central Scotland, Renfrewshire has also seen one of the strongest performances, with house prices climbing 7.4 per cent annually making it a strong contender for the top spot as well!
Following closely behind was Rutland in the East Midlands with property prices rising by 7.1 per cent in the past year, while Woking in Surrey saw rises of 6.5 per cent and Copeland in Cumbria 5.9 per cent.
Other areas that saw above-average levels of annual house price growth include Sevenoaks in Kent, where property prices have risen by 5.8 per cent, North Hertfordshire (5.7%), West Devon (5.4%), Hackney (5.4%) and Exeter (5.2%).
The research also revealed that the City of Westminster was the only area to have seen a decline in property prices of -6.4 per cent.
Colby Short, Co-founder and CEO of GetAgent.co.uk, which conducted the research, commented: “We’ve seen a phenomenal rate of house price growth since the start of the pandemic and this is yet to subside, although we are now seeing signs that the market is starting to return to normality.”
Short explained that in the last year GetAgent’s researchers had seen “some very strong rates of annual house price growth” in the areas named above while the rest of the market had “shifted down a gear or two.”
“These are the ones to watch,” he said. Adding that in these areas “there is plenty of potential for house prices to climb while the rest of the market moves at a far more measured pace.”
