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Home costs 2022: Eastwood in Nottinghamshire was largest riser at 29% says Rightmove

A former mining city in Nottinghamshire noticed asking costs on houses on the market rise essentially the most final yr, new analysis has revealed.

Asking values within the city of Eastwood rose 29 per cent to £231,381 in 2022, up from £179,194 in 2021.

It tops the checklist of the ten areas to have seen asking property costs rise essentially the most in 2022, as recognized by Rightmove.

Rightmove has revealed the top ten places where asking house prices rose the most in 2022

Rightmove has revealed the highest ten locations the place asking home costs rose essentially the most in 2022

Asking values rose the most in Eastwood, Nottinghamshire, last year, according to Rightmove

Asking values rose essentially the most in Eastwood, Nottinghamshire, final yr, in line with Rightmove

The property web site recommended that new patrons in Eastwood with a ten per cent deposit face common month-to-month mortgage funds of £1,374, which drops to £1,115 a month for many who can afford to extend their deposit to 25 per cent.

Will Watson, of Watsons Property Brokers in Nottinghamshire, stated: ‘We’ve discovered that Eastwood has all the time been a preferred location for patrons because it has all kinds of outlets, faculty and the countryside close by, with nice transport hyperlinks by way of the M1 motorway.

‘There may be fairly a excessive proportion of ex-local authority and terraced homes that are well-built and signify good worth for cash, with many gross sales we see beneath the nationwide common, so it is no shock that individuals have been relocating to the Eastwood space for extra worth.’

Rightmove said Hulme, Greater Manchester, saw average asking prices rising by 26 per cent last year

Rightmove stated Hulme, Larger Manchester, noticed common asking costs rising by 26 per cent final yr

Hulme in Larger Manchester is second on the checklist, with common asking costs rising by 26 per cent final yr, from £188,454 to £238,249.

Sandbanks in Poole, Dorset, is ranked third with asking costs growing by 22 per cent.

The South East options essentially the most worth hotspots throughout the high ten, though the North East noticed the most important regional annual development of 10.3 per cent final yr.

General, common asking costs had been 5.6 per cent greater in Britain on the finish of 2022 than they had been on the identical time in 2021.

Worth development throughout the previous three years, significantly because the pandemic started, has various between areas and sectors.

>> Will home costs fall in 2023 and is it a nasty yr to promote or transfer?

The expensive area of Sandbanks in Poole, Dorset, also proved popular in 2022, with asking prices increasing by 22 per cent

The costly space of Sandbanks in Poole, Dorset, additionally proved widespread in 2022, with asking costs growing by 22 per cent

Rightmove has revealed the top ten places where asking prices increased the most in 2022

Rightmove has revealed the highest ten locations the place asking costs elevated essentially the most in 2022

Wales noticed the most important development in common asking costs, up 27 per cent, throughout this era, whereas London has seen the bottom, up 11 per cent.

The common asking worth for a luxurious properties throughout the board in Wales – together with five-bedroom homes and flats in addition to four-bedroom indifferent homes – has elevated by 30 per cent since 2019, in contrast with an increase of 4 per cent within the common first-time purchaser sort property in London – properties with two-bedrooms or much less – in the identical time interval.

Even with area and sector variations, those that acted shortly within the early phases of the pandemic can be feeling the complete good thing about the rise within the worth of their houses.

Cowes, on the Isle of Wight saw asking prices increasing by 22 per cent during the past year

Cowes, on the Isle of Wight noticed asking costs growing by 22 per cent throughout the previous yr

Rightmove predicts common asking costs throughout Britain will drop by 2 per cent in 2023, following two and a half years of what it describes as ‘distinctive’ development.

It went on to say that so-called ‘hyper-local variations’ between sectors and segments of the housing market will develop into much more pronounced, with costs relying on the sorts of property obtainable and the desirability and affordability of the precise location.

It added that there’s more likely to be a interval of ‘readjustment’ for each patrons and sellers at first of the yr because the market settles into its sample, with purchaser affordability being ‘extra stretched’. 

Tim Bannister, of Rightmove, stated: ‘Property costs have risen exceptionally over the past three years.

‘If we evaluate with December 2019, simply earlier than the pandemic began, the typical asking worth of a house in Britain has risen by a staggering 20 per cent. To place that into context, asking costs rose simply 3 per cent within the earlier three years, and we have to go all the way in which again to 2013 to see related worth development.

‘We anticipate common asking costs to drop by 2 per cent subsequent yr now that the frenetic interval for the market is over, and it’s doubtless that some sellers, significantly these in areas and sectors of the market which have benefitted essentially the most from pandemic worth development, could also be prepared to surrender a few of their beneficial properties on this calmer market as a way to negotiate a profitable sale.’

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