A year on – which areas are thriving since the market reopened?

Last week Thursday (May 13) marked one year since the property market in England reopened after being hit with lockdown restrictions.

Ascend Properties has taken a look at which areas have seen the biggest boost in property values since then and where the most homes have sold.

House price increases

Since May of last year, the North West has seen the highest rate of house price growth at 12.4%, along with Yorkshire and the Humber (10.3%).

Wirral is the area of England to have seen the largest jump in property prices having climbed 26%. Redcar and Cleveland also ranks high with a 25% increase, with Pendle (22%), Selby (20%) and North East Derbyshire (20%) seeing house price growth sit at 20% or higher.

Newark and Sherwood, North Warwickshire and Forest of Dean have all seen house prices climb by 19%, while Copeland and Kirklees also make the top 10 with an 18% jump.

In terms of the largest monetary increase, Islington ranks top with prices up £67,000 since May of last year. Ealing (£53,000), Rother (£51,000) and Merton (£51,000) have also seen prices climb by more than £50,000.

Windsor and Maidenhead (£47,000), Bath and North East Somerset (£47,000), Stratford-on-Avon (£46,000), Cambridge (£46,000), Sutton (£45,000) and Surrey Heath (£44,000) also rank with some of the highest monetary increases in property values in the last year.

Transactions

When it comes to the most homes sold, Leeds has been the home selling hotspot of England since the market reopened for business. The city has seen 6,556 properties sold, closely followed by Birmingham (6,245) and Cornwall (5,801).

Ged McPartlin, managing director of Ascend Properties, comments: “A year ago, many industry ‘experts’ were calling double digit house price drops and despite the property industry getting the green light to reopen for business, the outlook was uncertain to say the least.”

“A year on and house prices are hitting record highs with the industry itself buckling under the pressure of extremely high levels of buyer demand.”

According to McPartlin, this return to health has been driven by a number of factors, such as pent-up demand due to Brexit, record low interest rates and the stamp duty holiday.