Monday, 23 May 2022

Somerset has largest house price growth

AREAS in the UK with the biggest house price growth in 2021 saw the value of homes rise by three times the national average, according to the latest research from Halifax.

The fastest increase occurred in Taunton, Somerset, where house prices grew by 21.8 per cent last year, compared to an average of 6.2 per cent nationwide. In cash terms this represents a rise of £56,546 to £315,759.

The Wiltshire town of Chippenham saw the biggest increase in house prices in cash terms, rising £58,322 to £381,181.

Only five of the top 20 biggest house price rises happened in towns across the South East and South West. The remaining 15 were spread across the Midlands, Wales, the North of England and Scotland. No areas within Greater London appeared in the
top 20.

Russell Galley, managing director of Halifax, said: “As the county town of Somerset, this year’s house price winner, Taunton, has a lot to offer homebuyers with its high quality of life and great transport links to major towns and cities across the South West.

“Like Taunton, many of the areas that saw the biggest house price growth over the last year enjoy a combination of greater affordability and space compared to nearby cities. Places like Bolton, Newark, Bradford and Hamilton – where there are a broad range of property types and settings — all offer significantly better value than their more metropolitan neighbours.

“This is perhaps most clearly shown in the UK’s capital. It is rare that no London boroughs appear amongst the areas of highest house price growth, but that is the case in 2021.

“This shift echoes what we have seen from homebuyers over the last year — less focus on major cities and more demand in the suburbs and further afield.”

The top 20 areas for house price growth includes four from the North West, three from Yorkshire and the Humber and two from Scotland. A further six are from the Midlands and Wales.

This spread contrasts with 2020, where 11 of the areas with the greatest growth were in London and the South.

Wales saw the greatest rate of house price growth across any UK region, with the value of homes rising by 14 per cent on average, while Scotland achieved average growth of 8.8 per cent.

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