Where are Britain’s property hotspots of 2020?
Over the past 12 months many of us have had time to refocus our housing priorities, and we can now reveal the nation’s top property hotspots this year…
The biggest trend we’ve uncovered in 2020 is that coastal and rural areas have become more popular than ever before, with demand for such locations significantly on the rise.
In fact, we found that the quaint Somerset town of Bruton saw the biggest increase in buyers searching for places to move to this year.
The picturesque countryside community, which has seen annual buyer searches rise by 72% this year, is just outside where Sarah Beeny is building a home in Channel 4’s Sarah Beeny’s New Life in the Country.
The second most popular place to live this year is Pitlochry in Scotland, where buyer searches have increased by 50% compared to 2019.
The rest of the top 10 is also dominated by rural and coastal areas, which mirrors a wider national trend of home-movers looking to relocate to more remote destinations in 2020.
Back in May there was a more fleeting trend when Barnard Castle saw daily searches leap 144%, after it was reported that Boris Johnson’s former chief advisor visited the area during the initial lockdown period.
In terms of the nation’s rental hotspots, the top three places in Britain that’ve seen the biggest annual increases in rental searches are Cambridge (+34%), Stockport (+31%), and Rye (+27%).
Where are Britain’s price hotspots?
Eccles, home of the iconic cakes and located west of Manchester, has seen a bigger annual increase in average asking prices than anywhere else in Britain, up 16%. The national average increase is 6.6%.
Average asking prices in the town have risen from £184,299 in 2019 to £213,706 this year.
Six other locations across Greater Manchester and Merseyside complete the top 10 property price hotspots in 2020, with Wavertree (+12.2%) and Chadderton (+10.9%) taking second and third places respectively.
Where are Britain’s busiest local markets?
Rightmove’s review of the year found that seven of the top 10 areas that have seen the biggest rises in the number of sales being agreed over the past 12 months have populations under 10,000 – further highlighting the popularity of rural locations.
The top five local markets with the biggest year-on-year increases in sales agreed are: Welwyn, Hertfordshire (+75%), Woodbridge, Suffolk (+69%), Llanelli, Wales (+65%), Stockbridge, Hampshire (+60%), and Malmesbury, Wiltshire (+54%).
How busy has Rightmove traffic been this year?
For traffic, the busiest days of the year are usually recorded in the first few months, but the temporary closure and subsequent mini-boom from May onwards, plus the introduction of the temporary stamp duty holiday in July, saw Rightmove record over 200 of its busiest ever days in 2020.
Daily visits surpassed 8 million for the first time on Wednesday 8th July when the stamp duty holiday was announced and within half an hour of the announcement traffic jumped by 22%.
What do the experts say?
Our resident property data expert Tim Bannister explained that he expects people to continue making moves to the countryside next year.
He said: “This year we’ve seen an uplift in the number of home-movers escaping to the country and we think this trend will continue for now as people show their willingness to make significant life changes.
“The data highlights just how influential the unexpected events of this year have been in shaping the nation’s housing priorities, with many buyers determined to swap city streets for rural and coastal retreats.”
What have estate agents been seeing?
Glynis Frew, CEO of Hunters Estate Agents, said: “2020 has given many people time to reset and reprioritise, with a focus on lifestyle. From a better work-life balance to the need for outside space, we have a renewed sense of what matters to us.
“For some, this means finally making that dream rural or coastal move, safe in the knowledge that they can work remotely for the majority of the time while coming into the office a few times a month. For those in certain digital-led industries, the possibilities are almost limitless – a good Wi-Fi connection is all they need.”
Richard Speedy, Regional Director (South West) and Head of Strutt & Parker’s Exeter office, added: “This year in the West Country we’ve seen around three times the regular number of applicants, and in the last weeks of 2020 are witnessing at least double the number of interested buyers compared to the same period in 2019. This year, people have become increasingly curious as to what they can get in the countryside, with many finally deciding to take the plunge.
“Coastal locations have seen a boom in popularity as people look for a change in lifestyle. Hotspots along the coast allow residents to enjoy activities on the water, access the beach, and brilliant coastal walking while also maintaining the ever-important tight-knit community aspect.
“With the majority unable to travel abroad this year, the staycation trend has highlighted the benefits of the British countryside and coastline, leading to a surge in interest from first and second-home buyers, particularly in Devon and Cornwall, wanting their own slice.
“What’s quite interesting, in the last couple of months, is the increasing number of professionals in the financial sector being given a greater amount of flexibility when it comes to working location. Many have been given the option of working remotely, with required time in the office limited to just a couple of days a month. As a result, a rising number of relatively high net worth individuals and their families are heading to the South West in search of the rural, or coastal, idyll.
“Priorities have changed; being within a one hour’s radius of London is no longer a must-have requirement and, as a result, people are looking to buy larger homes than they would have previously considered, with most requiring one, if not two, home office spaces to be able to work remotely.”
READ MORE: Will house prices rise or fall next year?