As 2017 comes to a close Rightmove has taken a look at the best performing local markets across Great Britain this year.
Sudbury sees highest price growth, homes sold fastest in Livingston and Bristol is the most searched for place.
Highest asking price growth
Sudbury in Suffolk comes top this year for homes increasing in value the most, with the average asking price of a property rising by 13.1% from £234,569 to £265,291. That’s compared to a national annual rise of 1.2%.1
Dan Gurney, Area Manager at William H Brown Estate Agents in Sudbury, comments on the area’s strong performance: “Sudbury ticks all the boxes in terms of location, standard of living, mix of attractive properties and wealth of amenities. It’s a thriving market town with picturesque countryside on its doorstep so, all combined, it’s no surprise that it tops the table for price growth. Sudbury is a property hotspot for those buyers attracted to its close proximity to Cambridge and range of Georgian and Victorian properties, plus we’ve seen a wave of buyers from London – it has certainly benefitted from a ‘ripple out’ effect where buyers look for more for their money away from climbing city house prices.”
All places in the top ten saw asking price growth of over 9% in 2017, and all were well below the national average of £302,865, with the cheapest being West Bromwich in the West Midlands where asking prices are currently £149,360, up 9.5% on this time last year.
Two places in West Yorkshire make the top ten, Sowerby Bridge and Todmorden, and two in Northamptonshire, Rushden and Kettering. Rushden made the top ten in 2016 as well, when prices went up by 13.4%.
Top ten highest asking price growth areas (outside London)
Fastest to sell
Livingston in West Lothian is where homes have been flying off the shelves the quickest, with the average home finding a buyer in just 23 days, seven days quicker than in 2016. The national average time to sell is 67 days, measured from when the property was first listed on Rightmove to it being marked by agents as ‘under offer’ or ‘sold subject to contract’.
Simon Thomas, Owner of RE/MAX Estate Agents in Livingston, said: “Livingston has become extremely popular with people working in Edinburgh as it’s more affordable and there are trains that can get you in to the centre within 30 minutes, adding to an already buoyant local market. Sales have been strong this year, especially in the first-time buyer sector with homes up to around £140,000, as well as family homes up to around £250,000. Supply has been quite tight which has led to buyers finding themselves up against a lot of competition to secure the home they want, which has led to properties selling more quickly than before.”
Top ten quickest places to sell
Most popular areas
Manchester has been knocked off the top spot for the most searched for place outside London this year, with Bristol making it back to number one for both buying and renting. York and Norwich rise a place each for buyer searches, while Edinburgh rises to fourth after featuring in tenth place last year.
Sam Riddell, Senior Branch Manager of Andrews Property Group in Bishopston, said: “Bristol has grown in popularity in recent times for many reasons, employment is high and the property market is strong. However, it is the diverse culture of the City which has the most draw for people migrating to Bristol. From the many festivals each year to the street art we are famous for, Bristol has it all, independent shops on thriving High Streets such as Gloucester Road in the north and North Street in the South of the City are a mark of the heritage of Bristol along with the obvious landmarks such as the Clifton Suspension Bridge. Bristol has something for everyone from the bohemian streets of St Werburghs to the grandeur of Clifton Village.”
Miles Shipside, Rightmove’s Housing Expert, comments: “Although prices have grown at a muted rate of 1.2% nationally this year, there are a number of local markets where strong demand and short supply has led to pretty heady price rises, especially in areas where homes are relatively more affordable than some of their nearby cities.”
1 National average asking price is based on England and Wales.