Study reveals UK ‘property price hotspots’
A new analysis of Land Registry data claims to have revealed the ‘Top UK Property Hotspots’ for 2018 in terms of house price growth.
The research, which was carried out by online estate agent HouseSimple, looked at data covering more than 100 major UK towns and cities.
It found that the Scottish cities of Edinburgh and Glasgow had seen the strongest house price growth over the course of 2018, with both cities enjoying average growth of at least nine per cent.
In England, Wolverhampton in the West Midlands was named as the number one property hotspot, with average house prices rising by 7.9 per cent. This was followed closely by Salford in the North West, which saw house prices increase by 7.4 per cent.
By comparison, Watford and Westminster were named as ‘property not-spots’, with house prices in these areas having fallen by as much as 9.7 per cent.
Nevertheless, the report found that despite a lot of negative press suggesting that London’s property market is stagnating, many London boroughs had actually enjoyed positive growth over the course of 2018 as a whole.
For example, it found that in the Royal Borough of Kensington & Chelsea, the average property price had increased by a very impressive 10.1 per cent.
On average, property values across the UK as a whole have increased by around 3.6 per cent, with the average home going up in value from £224,503 to £232,554 in the past 12 months, the report found.