Bath is the top city hotspot for asking price growth
Are you looking to make your dream move to a city, the countryside or near the sea?
Many home-hunters have reassessed where they want to live since the pandemic started, and some of the most popular cities are now seeing stronger asking price growth than the rest of Great Britain.
City locations offering easy access to the countryside and the coast are quickly becoming property hotspots.
Bath, in Somerset, is the top city price hotspot, with asking prices rising more than in any other city. The average cost of buying a home in the spa city has risen by 15% in a year, to just above £558,000. Truro in Cornwall is the second city price hotspot, and the resort town of Southend-on-Sea in Essex is third on our table.
Tim Bannister, our property expert, says buyer demand soared for cities like Bath and Plymouth when the market reopened in 2020, while the popularity of some major cities like London temporarily dropped as people looked for more space.
He says, “Now, we’re still seeing really high buyer demand for these cities, but the number of new homes coming onto the market hasn’t been able to keep up with the buyers enquiring, which has led to asking prices accelerating over the last year.”
The top 10 city hotspots for asking price growth
|Location||Region||Average Asking Price||Increase in average asking price YoY|
|1. Bath||South West||£558,018||15.0%|
|2. Truro||South West||£323,209||14.6%|
|3. Southend-on-Sea||East of England||£343,033||13.4%|
|4. Plymouth||South West||£231,914||12.5%|
|5. Gloucester||South West||£271,591||12.0%|
|6. Hereford||West Midlands||£255,631||12.0%|
|7. Wolverhampton||West Midlands||£200,057||11.8%|
|8. Norwich||East of England||£275,505||11.8%|
|9. Peterborough||East of England||£230,317||11.6%|
|10. Salford||North West||£211,904||11.3%|
Top city hotspot: Bath, Somerset
Known for its world-famous Roman-built spa and magnificent Royal Crescent, the city has streets of biscuit-hued Georgian terraces for sale, as well as out-of-town detached houses with good-sized gardens.
The River Avon flows through Bath and the rolling South West countryside is within a few miles of the city. But commuters can also be in London in less than 90 minutes when travelling by train from Bath Spa station.
Which other cities made the list?
The South West region is home to four of the five top city price hotspots, which are all located in some of the past year’s most popular coastal and countryside areas.
Cornwall’s Truro, the UK’s most-southerly city, has seen annual price growth of 14.6%. Truro has rows of pretty period cottages and charming semi-detached houses with gardens, with Cornwall’s postcard-worthy coves and crystal-clear waters nearby.
Less than an hour by train from London, Southend-on-Sea, which was granted city status in 2021, is home to the UK’s longest pier. This east coast home-buyer spot is home to magnificent waterfront properties with far-reaching views, and big, detached houses.