paragraph –>
House prices in major British cities, excluding London, have grown by 8.9% since March last year, according to the Halifax House Price Index.
paragraph –>
paragraph –>
Areas surrounding those cities have increased by 10.8% over the same period.
paragraph –>
paragraph –>
Plymouth saw house price growth of 5.8% between March 2020 and June 2021, while in the surrounding areas, the average was 16.1%.
paragraph –>
paragraph –>
Get in touch with Mortgage Broker UK today to discuss your residential and Buy to Let Mortgage requirements
paragraph –>
paragraph –>
This was driven by the likes of South Hams – home to Salcombe, Britain’s most expensive seaside town – which at 26.3% has seen high house price increases during the pandemic.
paragraph –>
paragraph –>
In Leicester, house prices grew by 6.5% over the same period, compared to a rise of 12.1% on average in the surrounding area, with Rutland and Melton up by 22.5%.
paragraph –>
paragraph –>
However, in Newcastle property price increases in the city itself (6.5%) have continued to outstrip those in the surrounding areas (4.0%).
paragraph –>
paragraph –>
North Tyneside was one of the few areas surrounding major British cities to record a fall in average house prices during the pandemic (5%).
paragraph –>
paragraph –>
Andrew Asaam, mortgages director at Halifax, said: “The pandemic has had a huge impact on the housing market right across the country.
paragraph –>
paragraph –>
Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
paragraph –>
paragraph –>
“This has been shaped by buyers’ demand for more space, a desire to move from the centre to more suburban locations, and the trend for more home working both now and in the future.
paragraph –>
paragraph –>
“It’s clear from speaking to our mortgage customers that many have prioritised space over location as a result of more time spent at home over the last year and a half.
paragraph –>
paragraph –>
“As consumers look for value in the market, that inevitably leads people to look further afield from major city centres, where you tend to get more property for your money.
paragraph –>
paragraph –>
“We’ve seen evidence of this in areas right across Britain, with house price growth in the vast majority of cities now being outstripped by increases in their surrounding areas.”
paragraph –>
paragraph –>
By Jake Carter
paragraph –>
paragraph –>
Source: https://uk-mortgagebroker.co.uk/news/
paragraph –>
paragraph –>
Discover our Mortgage Broker services.
paragraph –>