South West sees biggest yearly jump in house prices in England
THE South West has seen the biggest rise in house prices over the past year than any area in England, new data from Rightmove suggests – and Bedminster is now one of the top-10 buyer hot spots in the country.
Average property prices in the region hit £379,956 last month – up 13.5 per cent on the same time in 2021. In March alone, the cost of the average property in the West Country rose 2.7 per cent.
Rightmove said all nations and regions across the UK had reached new record price highs for property for only the second time since 2007.
Nationally, month-on-month prices have risen by an average of 1.6 per cent (+£5,537) and over the past three months by £19,082 – the largest three-month price increase that Rightmove has ever recorded.
Homes are also selling faster than ever before and twice as quickly as in 2019. The South West was the region with the secondfastest sales of property, taking 28 days on average, while Scotland topped the list with an average selling time of just 22 days.
Rightmove said the demand meant 53 per cent of UK properties were selling at or over the full asking price – the highest level ever seen.
Affordability constraints caused by the rising cost of living and a dampened economy were expected to slow the pace of price rises later this year, but high buyer demand and limited stock for sale suggested sustained price falls were unlikely, Rightmove said.
“The South West is really interesting,” said Tim Bannister, Rightmove’s director of property data.
“Quite early on [in the pandemic] Cornwall overtook London as the
Many people came out of the pandemic wanting to make a big change to move to the coast or rural areas, to get more green space
Tim Bannister of Rightmove
most searched for area on Rightmove. Many people came out of the pandemic wanting to make a big change to move to the coast or rural areas, to get more green space. We saw that initially very clearly, and I think that is continuing.”
According to Rightmove, a supply and demand imbalance in the South West is driving up prices.
Mr Bannister added: “We are still seeing really strong demand for people to live by the coast, and the South West has stunning coastline and rural areas.
“Demand for top hot spots, such as Cornwall and Devon, looks like it will continue for some time.”
The top-10 buyer hot spots in the country now included Bedminster, in Bristol; Stratton St Margaret and Melksham, in Wiltshire; and the Devon market town of Tavistock, Rightmove said.