House prices: Expert discusses 'interesting' pricing differences
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Areas with the largest house price growth in 2021 have seen property values rise by three times the national average, according to the latest data from Halifax. So which areas of the UK have seen the biggest house price growth this year?
According to Halifax, Taunton in Somerset has seen house prices grow at the fastest rate of 21.8 percent over the course of the last year compared to a national average of 6.2 percent.
Taunton’s house prices increased on average by £56,546 to £315,759.
The lovely town is just over two and a half hours from London by train, making it a great option for commuters.
The Wiltshire town, which has good links to the M4 and other rural areas, has seen the biggest cash increase in 2021.
The town has benefitted from this year’s “race for space” which has seen former city residents look for bigger homes in more rural locations outside cities.
Prices in the town have increased from £322,859 in 2020 to £381,181 in 2021, an increase of £58,322 (18.1 percent).
The area of London with the highest growth was Enfield in north London.
Prices increased by 6.8 percent from £479,745 in 2020 to £512,135 in 2021.
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London experienced a flat year for house price growth.
Greater London saw average prices fall from £558,272 to £554,684.
Enfield and Harrow were the only two areas to experience growth beyond the UK average.
Westminster saw the greatest fall of any area of the country, down by 6.9 percent.
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Most of the areas in the top 20 areas for house prices growth are located in the North, Midlands, Wales and Scotland.
This contrasts with 2020 where 11 of the areas with the greatest growth were in London and the South.
In the North West, Rochdale, Widnes, Bolton and Wirral were included in the top 20.
Bradford, Scunthorpe and Doncaster were included in the top 20 from the Yorkshire and the Humber region.
On average, almost every region from the Midlands to Scotland saw house prices increase by the UK average or more during the last year.
Wales saw the greatest rate of house price growth compared to any UK region.
The value of homes in the nation increased by 14 percent from £202,680 to £231,134.
Scotland achieved average growth of 8.8 percent with prices rising by £16,761 to £207,778.
Motherwell saw the highest growth of 17.3 percent with prices rising by £26,103 to £177,118.
Hamilton saw price growth of 13.7 percent and Dumfries of 13.6 percent.
Russell Galley, Managing Director at Halifax, said: “As the county town of Somerset, this year’s house price winner, Taunton, has a lot to offer homebuyers with its high quality of life and great transport links to major towns and cities across the South West.
“Like Taunton, many of the areas that saw the biggest house price growth over the last year enjoy a combination of greater affordability and space compared to nearby cities.
“Places like Bolton, Newark, Bradford and Hamilton – where there are a broad range of property types and settings – all offer significantly better value than their more metropolitan neighbours.
“This is perhaps most clearly shown in the UK’s capital.
“It is rare that no London boroughs appear amongst the areas of highest house price growth but that is the case in 2021.
“This shift echoes what we have seen from home buyers over the last year – less focus on major cities and more demand in the suburbs and further afield.”
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