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Bath, Truro and Southend beat London in city price hotspot list

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The UK cities with the biggest rise in asking prices have been revealed in new data – and London is nowhere to be found

The new list of city hotspots, compiled by property website Rightmove, is topped by the picturesque town of Bath, Somerset, which has seen asking prices rise more than any other city in the country.

The spa town on the River Avon, renowned for its Georgian properties, has seen prices soar 15% in the past year. Overall average house prices in the area currently stand at £550,423.

The new research shows that the space race triggered by the pandemic is still impacting the property market, with asking prices rising the most in towns close to the coast or with easy access to the countryside.

Truro in Cornwall is second on the list with a 14% price rise, while Southend-on-Sea, which officially became a city last month, is close behind with a 13% rise.

The other cities in the top five are Plymouth and Gloucester with increases of 12%.

Across the city’s top ten hotspots, the average increase in asking prices is 12%, surpassing the current national average of 9%.

According to Rightmove, one of the reasons for the significant rise in prices is the current supply and demand mismatch in the UK.

In the South West, where four of the top five cities are located, the number of available properties has fallen 39% from a year ago.

The shortage of available properties has led to strong competition among buyers for available homes.

According to Rightmove, Glasgow is the most competitive city to buy a house, followed by Stirling and Sheffield. In Exeter, competition has more than doubled over the past year.

Tim Bannister, director of property data at Rightmove, said that when the market reopened after lockdowns in 2020, demand really spiked in places like Bath or Plymouth, which have “easier access to the coast and in the countryside”.

“Initially, the supply of available homes followed some of this increase in demand, stabilizing asking prices. Now we are still seeing very strong buyer demand for cities like Bath, Plymouth and Truro, but the number of new homes coming onto the market has not been able to keep pace with buyer demands, which led to an acceleration in asking prices. over the past year.”

City Price Hot Spots

City

Increase in asking price

Bath

15.0%

Truro

14.6%

Southend-on-Sea

12.5%

Plymouth

13.4%

Gloucester

12.0%

Hereford

12.0%

Wolverhampton

11.8%

Norwich

11.8%

Peterborough

11.6%

Salford

11.3%