Paisley in Scotland is Great Britain’s top price hotspot

  • A new Rightmove study reveals Great Britain’s top price hotspots, with Paisley in Scotland leading the way, followed by Lancaster in Lancashire and Wigan in Greater Manchester
  • Average asking prices in Paisley have risen by 15% over the past 12 months, which is a bigger annual increase than any other location across Great Britain
  • This latest research further highlights the North West’s continuing popularity, with four locations from the region making their way into Rightmove’s top 10 price hotspots
  • In London, West Norwood in Lambeth is the capital’s top asking price hotspot (+12%), with Chelsea in West London (+11%) and Purley in South London (+9%) next on the list

A new study from the UK’s biggest property website Rightmove has revealed that the historic Scottish town of Paisley is Britain’s top price hotspot.

The Renfrewshire town, which borders Glasgow to the east, has seen average asking prices rise by 15% over the past 12 months, which is a bigger annual increase than any location in Britain.

Local agents report that access to nature and green spaces – both of which have become more important to home-movers since lockdown – may have contributed to the rising prices.

The average asking price of a home in Paisley is currently £126,903, which is £16,183 more expensive than a year ago.

However, asking prices in the Scottish town are £191,677 cheaper than the average across Great Britain of £318,580, and £34,619 cheaper than the Scottish average of £161,522.

Next up our list of asking price hotspots are Lancaster in Lancashire, and Wigan in Greater Manchester, which have both seen average asking prices rise by 12% compared to a year ago.

The Rightmove data further highlights the North West’s continuing popularity, with four locations from the region making their way into Rightmove’s top 10 asking price hotspots.

Each of the top 10 price hotspots have average asking prices that are cheaper than the national average; however, the most expensive location in our list is Newquay in Cornwall, at £294,381.

Our data analysts also found that West Norwood in Lambeth is the capital’s top price hotspot, with average asking prices in the area having jumped by 12% over the past 12 months.

Chelsea in West London (+11%) and Purley in South London (+9%) came in second and third place respectively.

London’s top price hotspots include places at both ends of the affordability spectrum, with Chelsea (£2,045,346) and Richmond (£1,099,288) joining Mitcham (£398,107) in the top 10.

Rightmove’s Director of Property Data Tim Bannister said: “Demand for property in Paisley is very high at the moment, with searches for homes to buy in the town having risen by 44% compared to this time last year. Naturally, demand leads to rising prices and with swathes of rolling countryside on the doorstep, it makes sense that Paisley is such a popular destination for home-movers looking for more space. With regards to the other price hotspots in our table, it’s interesting that places in the North West are continuing to perform really strongly. A recent study of ours found that the biggest winners for property prices for all of 2020 were suburban areas in the North West, especially towns near Liverpool and Manchester, and this latest research illustrates that this trend is very much still alive.”

Agents’ views

Curtis Chisholm, Director at Cochran Dickie Estate Agency, said: “The market as a whole has risen simply because of the lack of supply, but the demand for Paisley can be attributed to the fact that you can get more for your money here than in Glasgow’s West End or South Side, especially with the ease of commuting coupled with quality homes in very desirable addresses.

“Paisley is a very historical town with fabulous culture, a thriving arts scene and has Scotland’s highest concentration of listed buildings outside of Edinburgh – so it’s a pretty town too. We also have great access to green spaces and the countryside so all in all it’s a great place to live.”

Joel Edgerton, Director at Regan & Hallworth in Wigan, added: “Wigan has undoubtedly seen huge price growth, especially towards the end of last year when the market was absolutely booming. I’ve been an estate agent in Wigan – the land of the pies – for 23 years and it was probably the busiest six months I’ve ever known the market to be. Lots of properties were coming on, and then selling quickly. Every sale had at least two or three bids. The demand after the market reopened far exceeded anything I expected and in some parts of Wigan, where three-bed semis were previously selling for £200,000, they’re now being bought for around £250,000.

“People traditionally get more bang for their buck in Wigan compared to other areas of Greater Manchester and we’ve seen lots of interest from out-of-area buyers recently. I think people are starting to appreciate just how convenient our transport links are, because we’re really well connected to Manchester, Preston, and Liverpool as well as Leeds, London and Edinburgh. And on the outskirts of Wigan, in places like West Lancs and Chorley, you’ll find really lovely rural areas with lots of green open spaces.

“I think prices will continue to go up in Wigan, too. This isn’t just a flash in the pan. There are lots of new build developments going up and we’ve also got Winstanley College on the doorstep, which is one of the best colleges in the country. Hopefully this is a sign of things to come in the next five to 10 years for Wigan. The town has really remodelled its image of late and the council has tried to rebrand the town with a more modern feel, but we’re still a dead friendly town and a proper northern town in that respect.”

 

 Top 10 asking price hotspots outside London:

Place County Avg asking price Feb 2021 Avg asking price Feb 2020 Annual % change
Paisley Renfrewshire £126,903 £110,720 15%
Lancaster Lancashire £197,790 £176,494 12%
Wigan Greater Manchester £175,202 £157,031 12%
Bishop Auckland County Durham £135,736 £121,882 11%
Keighley West Yorkshire £195,175 £175,766 11%
Pudsey West Yorkshire £225,530 £203,289 11%
Newquay Cornwall £294,381 £265,545 11%
Neath South Glamorgan £160,541 £144,915 11%
Wallasey Merseyside £174,003 £157,735 10%
Liverpool Merseyside £175,300 £159,009 10%

 

Top 10 asking price hotspots in London:

Place Borough Avg asking price Feb 2021 Avg asking price Feb 2020 Annual % change
West Norwood Lambeth £564,601 £505,759 12%
Chelsea Kensington and Chelsea £2,045,346 £1,847,976 11%
Purley Croydon £587,762 £541,289 9%
Catford Lewisham £447,213 £414,320 8%
Mitcham Merton £398,107 £371,021 7%
Chislehurst Bromley £723,942 £674,763 7%
Richmond Richmond upon Thames £1,099,288 £1,025,859 7%
West Wickham Bromley £615,223 £574,233 7%
Sydenham Lewisham £496,304 £464,527 7%
Harlesden Brent £622,047 £582,908 7%

 

ENDS

Notes to editor

The time period for average asking prices is 10th January 2021 to 6th February 2021 versus 10th January 2020 to 6th February 2020.

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