We’ve all heard of how fast house prices in London have risen in recent years. There are stories of people in living memory spending just a few thousand on a house which is now worth millions. But did you know that London doesn’t actually have the most significant increases in house prices anymore?
Where are house prices increasing the most?
Let’s start with the more obvious answers. And the key to this answer is, you guessed it, London.
As the capital becomes more crowded and available housing decreases, many are looking at surrounding areas. Places such as Surrey and even Kent are seeing price rises due to this leakage.
The London effect can be seen further afield too. The South West has some surprisingly good rail links with the city, and as they say, a rising tide lifts all boats.
Totnes is one example, and is on the main rail line to London. House prices have been shooting up since 2020, as people reconsider big city life. As an old market town, there can be complications with house sales, so it’s important to keep your eye on a source of easy to understand conveyancing news and information such as https://www.samconveyancing.co.uk/news/conveyancing.
Another fascinating example of this is Leeds. It has always been a well-liked city without any major dramas, but thanks to HS2, that is starting to change. House prices in Leeds are starting to rise in response to the planned HS2 link to London, making it a more attractive commuter town than before.
The same can be said for Birmingham and Manchester, but both already have fairly high house prices when compared to the average for outside of London.
Unexpected house price rises
Let’s stop talking about London, and get into the really interesting answers.
Often neglected by those looking to make a big move, the North has been seeing some substantial house price increases in places that haven’t seen as much growth historically and don’t have a location-based premium like more southern areas.
One such location is Scotland where you can get a 3-bedroom house for under £100k. Now, it is finally seeing prices shoot up. While prices are still well below the national average, they are starting to come more in line with what you may expect.
The prevalence of flexible working and full-time remote work makes the housing market more dynamic than ever. It seems that Brits are setting their sights further afield when looking for a new place to live as a result. However, no matter where you are looking at a house, it’s always important to consider how to make conveyancing as stress-free as possible.