House price hike: Top 10 locations where asking prices skyrocketed in 2022
6 January 2023, 11:33 | Updated: 6 January 2023, 11:37
It's no secret house prices continue to skyrocket, with a mining town in Nottinghamshire topping a new report by Rightmove revealing the top 10 locations where asking prices rose the most in 2022.
The town of Eastwood in Nottinghamshire was so sought after, asking prices on homes for sale rose by 29 per cent.
The average asking price in the town rose from £179,194 in 2021 to £231,381 in 2022, a staggering increase of £52,187 in just one year.
Coming in second is Hulme in Greater Manchester, with average asking prices rising by 26 per cent in 2022 from £188,454 to £238,249.
Completing the top 3 is popular tourist hotspot Sandbanks in Poole, Dorset, where asking prices increased by 22 per cent.
Boasting what's known as 'millionaire's row', the picturesque coastal spot recently hit headlines when local residents objected to a 'Magaluf-style' resort after planning was approved to turn the historic solarium into a beach club.
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It follows another report from Rightmove which states UK asking prices dropped by 2.1% in the month prior to Christmas - the largest drop in four years.
The survey also reveals Little Lever in Bolton is Greater Manchester as another sought after location that has seen asking prices skyrocket.
When it comes to the UK during the pandemic, Wales saw the biggest growth in average asking prices, with an impressive rise of 27 per cent during 2022.
London, however, fared worse, with prices rising a megre 11 per cent.
According to the report compiled by the property site, new buyers in Eastwood with a 10 per cent deposit face average monthly mortgage payments of £1,374.
Will Watson, of Watsons Estate Agents in Nottinghamshire, said: "We have found that Eastwood has always been a popular location for buyers as it has a wide variety of shops, a good school and the countryside nearby, with great transport links via the M1 motorway."
Looking ahead, the property site predicts average asking prices across Britain will drop by 2 per cent in 2023 - brief respite from surging prices.
It follows two and a half years of what industry experts call 'exceptional' growth.
The Top 10 locations where asking prices have surged the most during 2022
1. Eastwood, Nottingham +29%
2. Hulme, Greater Manchester +26%
3. Sandbanks, Dorset +22%
4. Heathfield, East Sussex +21%
5. Chelston, Devon +20%
6. St. Peters, Kent +20%
7. Cowes, Isle Of Wight +20%
8. Little Lever, Manchester +20%
9. Birchington, Kent +19%
10. Deeping St. James, Cambridgeshire +19%
