A Nottinghamshire town has ranked as one of the top places in the UK for house price growth.
Newark, Nottinghamshire took second place behind Taunton in Somerset in the UK’s top house price hotspots for 2021, according to Halifax.
Halifax keeps an eye on property prices and issues its 'house price index' on a monthly basis. According to the accumulated data for the year, Newark is one of the top hotspots for investors and house owners.
Over the past year, average house prices in Newark have increased by 20%, compared with a 6.2% increase across the UK generally.
In cash terms, this takes the average house price in the area up by a whopping £46,732 to £280,934.
Newark was one of only three East Midlands locations to make the top 20 list, Spalding sat at number 16 with a 14.6% increase and Kettering was the other area, which came in at number 13 on the list with a 14.8% price increase.
Spalding now has an average house price of £264,668 and Kettering £285,103.
The East Midlands as a whole has witnessed rising prices over 2021. On average, prices have risen by 10.1% taking the average to £265,828 - up by £24,375.
Similar gains for home owners were seen in Yorkshire and the Humber, where house prices rose on average over the year by 10.3% taking house prices to an average of £231,553, up £21,695, while East Anglia, saw a rise of 9.4% to £322,604 up £27,790 over the year.
The same increases haven't been seen everywhere though. Topping the 'cold spots' list was Westminster in central London, which recorded the biggest fall of any area, with average house prices down by 6.9%. In fact, nowhere in London appeared in the top 20 hotspots list.
Russell Galley, managing director, Halifax, hailed the first place location of Taunton as having “a lot to offer home-buyers with its high quality of life and great transport links".
He went on to say: “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.”
Mr Galley added: “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.”
The top 20 hotspots - areas with the highest property value growth
| Rank | Area | Average house price now | The one-year change (£) | The one-year change (%) |
| 1 | Taunton, South West | £315,759 | £56,546 | 21.8% |
| 2 | Newark, East Midlands | £280,934 | £46,732 | 20.0% |
| 3 | Rochdale, North West | £206,098 | £32,123 | 18.5% |
| 4 | Chippenham, South West | £381,181 | £58,322 | 18.1% |
| 5 | Braintree, South East | £356,216 | £54,236 | 18.0% |
| 6 | Widnes, North West | £222,876 | £33,628 | 17.8% |
| 7 | Motherwell, Scotland | £177,118 | £26,103 | 17.3% |
| 8 | Bolton, North West | £212,671 | £30,818 | 16.9 |
| 9 | Hereford, West Midlands | £306,872 | £44,336 | 16.9% |
| 10 | Walsall, West Midlands | £230,972 | £31,614 | 15.9% |
| 11 | Bradford, Yorkshire & the Humber | £170,684 | £23,323 | 15.8% |
| 12 | Swansea, Wales | £211,590 | £28,360 | 15.5% |
| 13 | Kettering, East Midlands | £285,103 | £36,783 | 14.8% |
| 14 | Maidstone, South East | £370,964 | £47,756 | 14.8% |
| 15 | Newton Abbot, South West | £326,623 | £42,014 | 14.8% |
| 16 | Spalding, East Midlands | £264,668 | £33,703 | 14.6% |
| 17 | Wirral, North West | £276,042 | £34,936 | 14.5% |
| 18 | Scunthorpe, Yorkshire & the Humber | £176,186 | £21,986 | 14.3% |
| 19 | Doncaster, Yorkshire & the Humber | £201,824, | £25,096 | 14.2% |
| 20 | Hamilton, Scotland | £159,176 | £19,225 | 13.7% |
All data according to Halifax
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2021-12-30 14:37:30Z
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