Former coal mining town crowned Rightmove’s 2022 price hotspot
A former coal mining town in the Broxtowe district of Nottinghamshire has been crowned Rightmove’s 2022 price hotspot after average asking prices jumped 29% compared with 2021.
A former coal mining town in the Broxtowe district of Nottinghamshire has been crowned Rightmove’s 2022 Price Hotspot after average asking prices jumped 29% compared with 2021.
The average price for a home in Eastwood was £231,381 in 2022, up from £179,194 in 2021.
Hulme in Greater Manchester came second on Rightmove’s Price Hotspot list, where average asking prices rose by 26% from £188,454 to £238,249.
Sandbanks in Poole, Dorset, already a prime area, came third with asking prices rising by 22%.
REGIONAL GROWTH
The South East features the most price hotspots within the top 10, however the North East saw the biggest regional growth of 10.3% last year.
Overall, average asking prices were 5.6% higher across Great Britain at the end of 2022 than they were at the same time in 2021.
However Rightmove predicts average asking prices across Great Britain will drop by 2% this year and hyper-local differences between sectors and segments of the market will become even more pronounced.
There will likely be a period of readjustment for both buyers and sellers at the start of the year.”
Tim Bannister, Rightmove’s property expert, says: “We are not anticipating an oversupply of available properties through forced sales will prevent more major price falls.
“There will likely be a period of readjustment for both buyers and sellers at the start of the year as the market settles into its pattern.”
EASTWOOD
Will Watson, Director at Watsons Estate Agents in Nottinghamshire, says: “We have found that Eastwood has always been a popular location for buyers as it has a wide variety of shops, good school and GP provision, has the countryside nearby and great transport links with easy access to the M1 motorway.
“There is quite a high proportion of ex local authority and terraced houses which are well built and represent good value for money, with many sales we see below the national average, so it’s no surprise that people have been relocating to the Eastwood area for more value.”
