At the top of the list of property, hotspots is Gower in southwest Wales. Renowned for its epic coastline and scenic landscape, Gower was the first part of Britain to be named as an Area of Outstanding Natural Beauty. In addition, the region has low crime rates, great local schools and has seen consistent growth in property prices this year.
The second and third-placed property hotspots are both in the northwest of England. Wigan is often cited as the ‘happiest town in the UK’ and offers great transport links to both Manchester and Liverpool. In recent years, Central Manchester has become a beacon for investment and is continuing to attract those aspiring to live in a large city that’s more affordable than London. Looking at the list, it’s undeniable how prominent Welsh and North Western locations are. The other major trend is the lack of locations from the South of England which barely featured in the top-ranking locations.
Where have house prices increased the most?
Here's where the South of England excells. Kensington and Chelsea in west London has been crowned the number one property hotspot for long-term house price growth according to Zoopla*. Homes in this pretty and popular London borough have soared by nearly £740,000 in the past 20 years. If you own a property here you can jump for joy. Your property sits in the top-performing area for house price growth of any region since 2001.
There's a lot to be made on property here in London. Prices have risen by £380,200 since 2011 and £739,800 since 2001.
Which other areas of the UK are attracting homebuyers?
The property market in East Kent has been consistently active throughout 2021 with buyers rushing to purchase the small number of properties on sale there. Again, this has been driven by a seeming desire to move to either the countryside or the coast. Recent research by Rightmove suggests that a fifth of those that have registered for listings in East Kent are moving from London***, where house prices are becoming more and more unaffordable.
After months of growing interest in Devon and Cornwall, it appears that demand in this area has now begun to subside and Dorset is now the favoured hotspot in the South West. A large part of the attraction to Dorset is the area’s vast scenery including the World Heritage site of the Jurassic Coast and quaint-looking small towns such as Shaftesbury, which was famously used in the Hovis adverts of the 1970s and 80s. Dorset also has one of the best life expectancies in the UK. With all this going for it, it’s no surprise that the area has seen a 45% spike in searches across the quarter*.
Should I sell my property now?
The current moving frenzy means that there’s currently a lack of stock for sale. Having many buyers in the marketplace, and not many properties to choose from is pushing asking prices higher. Many homeowners have seen significant rises in the value of their property since their purchase. It may be time to see how much your property is now worth.
If it's priced higher than you thought, it could be time to sell?