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Which areas have seen biggest house price rises during pandemic?

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The areas of Britain that have seen the biggest house price rises during the pandemic have been revealed exclusively to MailOnline Property

Bury St Edmunds in Suffolk, and Banbury in Oxfordshire top the list compiled by Halifax and have seen prices rocket by £100,000 – or more than a third.

The analysis, based on places with house sales of at least 100, covers the period from the beginning of March last year to the end of February 2021. 

Also in the top 10 are Chorley in Lancashire, Leamington Spa in Warwickshire and Salisbury in Wiltshire, indicating that big rises have been seen across the country. 

Scroll down to the bottom of the story to see the full list of 100 areas where prices are up 12 per cent or more

We reveal where house prices have risen the most since the first lockdown in March last year

We reveal where house prices have risen the most since the first lockdown in March last year

This three-bed house in Bury St Edmunds in Suffolk is for sale for u00A3281,250 via estate agents WIlliam H Brown

This three-bed house in Bury St Edmunds in Suffolk is for sale for £281,250 via estate agents WIlliam H Brown

House prices have risen the most in Bury St Edmunds, increasing 37 per cent on average from £267,217 to £367,421 during the past year.

The pretty cathedral town in Suffolk is known for its Abbey Gardens and boasts hundreds of hanging baskets and pots in bloom during the spring and summer.

It is followed closely by Banbury, which has seen average house prices rise 36 per cent, from £283,830 to £385,556.

In third position is King’s Lynn, where average values are up 28 per cent in a year, from £232,586 to £298,399. 

None of the top 10 locations are in London. However, parts of the capital do feature in the longer list of the 100 locations with the highest house prices rises during the past year.

They are at the bottom, with the north London borough of Haringey ranked in position 98 and the north west London borough of Brent ranked in position 100.

This three-bed terrace house in Banbury,u00A0Oxfordshire, is for sale for u00A3275,000 via estate agents Connells

This three-bed terrace house in Banbury, Oxfordshire, is for sale for £275,000 via estate agents Connells

It comes as Britain approaches the anniversary of the first lockdown on 23 March, a period that has seen a sledgehammer taken to the jobs market.

Many industries suffered a bigger fall in vacancies during 2020 than in the wake of the 2008 financial crisis.

And yet unlike the 2008 crisis and the economic downturn at that time, during the past year the average price of a house has risen.

The typical value of a home in Britain is up 12 per cent, from £285,428 to £320,457, during the past year, according to Halifax.

This four-bed house in King's Lynn, Norfolk, is for sale for u00A3280,000 via estate agents William H Brown

This four-bed house in King’s Lynn, Norfolk, is for sale for £280,000 via estate agents William H Brown

HOUSE PRICES RISES IN EACH REGION DURING THE PAST YEAR
Mar-20
(Average £)
Feb-21
(Average £)
Mar 20 – Feb 2021 Change %
South West 280,588 327,061 17%
East Anglia 276,291 317,844 15%
North West 206,362 236,197 14%
East Midlands 224,122 256,103 14%
West Midlands 231,291 263,661 14%
Yorkshire and Humberside 196,241 221,833 13%
South East 380,469 428,601 13%
Wales 191,309 214,150 12%
North 174,322 191,893 10%
Northern Ireland 167,843 180,483 8%
Greater London 538,909 567,788 5%
Scotland 190,250 194,086 2%
UK 285,428 320,457 12%
Source: Halifax       

Halifax also revealed the average house price increases in each region, with the South West ranked top with a 17 per cent rise from March last year to February this year.

It reflects the desire for more outdoor and indoor space during the past year as the restrictions of successive lockdowns have taken their toll.

Andrew Asaam, of Halifax, said: ‘Like a lot of things about last year, it would have been difficult to predict the places where we’d see the biggest house price growth, especially while everything shut down in the first lockdown.

‘Towns like Bury St Edmonds, Kings Lynn in Norfolk and Banbury in Oxfordshire have seen the biggest jump in house prices over the past year, while further north, Chorley and Huddersfield have also seen significant increases.

‘More time spent at home over the past 12 months has also helped fuel a desire for properties with more space and broadened the scope for how people think about certain locations, as work-life balance has shifted for buyers and sellers during 2020.

‘We saw a surge in the market over the second half of last year following the effective shutdown of the first lockdown, as well as people racing to benefit from the stamp duty holiday.’

WHEN DOES THE STAMP DUTY HOLIDAY END?

The amount at which stamp duty is paid was temporarily increased by the Government last summer, to £500,000 for property sales in England and Northern Ireland.

The tax break was due to end on March 31, but  the Chancellor announced in the Budget that it will now end on June 30.

After this date, the starting rate of stamp duty will be £250,000 until the end of September. Stamp duty will then return to the usual level of £125,000. 

This four-bed semi-detached house in Buckshaw Village, Chorley, is for sale for 190,000 via Strike estate agents

This four-bed semi-detached house in Buckshaw Village, Chorley, is for sale for 190,000 via Strike estate agents

LIST OF PLACES WITH THE BIGGEST HOUSE PRICES RISES IN THE PAST YEAR
  Mar-20
(Average £)
Feb-21
(Average £)
Mar 20 – Feb 21 Change %
BURY ST EDMUNDS 267,217 367,421 37%
BANBURY 283,830 385,556 36%
KING’S LYNN 232,586 298,399 28%
CHORLEY 188,206 240,906 28%
LEAMINGTON SPA 316,029 402,245 27%
HEREFORD 237,786 300,059 26%
MACCLESFIELD 298,791 371,531 24%
SALISBURY 313,248 388,238 24%
HUDDERSFIELD 187,221 231,920 24%
CHELTENHAM 322,648 396,885 23%
NEWTON ABBOT 251,329 309,040 23%
AYR 154,515 189,879 23%
STOURBRIDGE 259,458 316,675 22%
BURTON ON TRENT 210,966 257,397 22%
GREAT YARMOUTH 191,488 232,531 21%
CHESTERFIELD 184,580 223,300 21%
SOUTHEND ON SEA 280,556 336,760 20%
HOVE 409,519 491,304 20%
SOUTH SHIELDS 146,932 175,672 20%
GRANTHAM 228,843 273,594 20%
TAUNTON 249,151 297,599 19%
WALSALL 189,032 225,756 19%
TELFORD 197,203 234,914 19%
GLOUCESTER 241,136 286,881 19%
POOLE 309,241 367,758 19%
FAREHAM 296,283 351,651 19%
WOKING 497,775 590,624 19%
SCUNTHORPE 142,878 169,153 18%
DARLINGTON 169,348 200,313 18%
WIRRAL 228,040 269,725 18%
NEWARK 209,881 247,751 18%
ALTRINCHAM 402,181 474,335 18%
Islington (LA) 665,051 783963.4279 18%
DONCASTER 161,452 190,288 18%
WESTON SUPER MARE 226,748 267,050 18%
STOKE ON TRENT 165,137 194,299 18%
GILLINGHAM (KENT) 259,084 304,767 18%
SWADLINCOTE 197,532 231,113 17%
DUNSTABLE 280,929 328,440 17%
MAIDSTONE 295,426 345,313 17%
EASTBOURNE 261,108 305,112 17%
BEDFORD 331,172 386,688 17%
ASHFORD (KENT) 314,571 366,812 17%
WIDNES 173,004 201,627 17%
BRIDGWATER 224,932 261,930 16%
WORTHING 328,787 382,803 16%
STOCKPORT 271,530 315,503 16%
MANCHESTER 204,975 237,517 16%
NUNEATON 210,761 243,744 16%
BLACKBURN 143,342 165,486 15%
BOLTON 168,616 194,521 15%
CANTERBURY 317,908 366,586 15%
KETTERING 240,438 276,836 15%
COLCHESTER 304,015 349,752 15%
BIRMINGHAM 207,402 238,489 15%
LEICESTER 238,149 273,368 15%
NEWCASTLE UNDER LYME 174,906 200,656 15%
WREXHAM 187,277 214,751 15%
GRAVESEND 311,216 356,466 15%
NEWTOWNABBEY 142,518 163,201 15%
WARRINGTON 222,755 254,718 14%
WATERLOOVILLE 319,090 364,485 14%
BURNLEY 143,786 164,096 14%
HIGH WYCOMBE 409,285 466,959 14%
WOKINGHAM 470,415 536,095 14%
LINCOLN 219,282 249,790 14%
BRIGHTON 387,281 441,104 14%
TUNBRIDGE WELLS 462,906 527,137 14%
SLOUGH 411,830 468,856 14%
ST ALBANS 546,492 621,867 14%
COVENTRY 217,500 247,120 14%
SOLIHULL 382,713 434,735 14%
WOLVERHAMPTON 202,131 229,589 14%
ELY 294,030 333,893 14%
LEEDS 226,939 257,637 14%
DERBY 209,554 237,787 13%
WAKEFIELD 200,920 227,944 13%
HARLOW 298,891 339,055 13%
GATESHEAD 152,713 173,197 13%
SITTINGBOURNE 264,607 299,592 13%
MILTON KEYNES 326,609 369,656 13%
CHIPPENHAM 314,157 355,398 13%
OLDHAM 178,157 201,530 13%
ILFORD 441,239 498,570 13%
NEWPORT (GWENT) 180,849 204,217 13%
NEWCASTLE UPON TYNE 201,582 227,502 13%
EASTLEIGH 316,345 357,008 13%
PLYMOUTH 202,024 227,798 13%
NOTTINGHAM 213,856 241,030 13%
KEIGHLEY 183,542 206,568 13%
HARROGATE 325,272 365,914 12%
CRAWLEY 331,869 373,077 12%
ORPINGTON 483,028 542,656 12%
WORKSOP 154,126 173,053 12%
NORWICH 268,778 301,745 12%
Haringey (LA) 564,932 633,077 12%
SWANSEA 176,330 197,520 12%
Brent (LA) 548,088 613,783 12%
Source: Halifax                         



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Homes near Elizabeth Line see asking prices double in a decade

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Asking prices for properties for sale near stations on London‘s new Elizabeth Line have more than doubled in a decade, new research has revealed.

Many areas near stations on the capital’s new high-speed line were previously less well connected to key commuter hubs, such as Liverpool Street or Paddington stations.

But they have seen a surge in property asking prices amid new interest from homebuyers and tenants due to the better transport links that the Elizabeth Line provides.

REVEALED: The asking price hotspots around the new Elizabeth Line stations

REVEALED: The asking price hotspots around the new Elizabeth Line stations

Elizabeth Line hotspots: This two-bed flat in London's Windmill lane is o.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents

Elizabeth Line hotspots: This two-bed flat in London’s Windmill lane is o.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents

The new figures from Rightmove revealed the extent to which asking prices have risen in local areas around Maryland, Abbey Wood and Stratford stations.

Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices.

They have more than doubled compared to ten years ago, rising 108 per cent from £233,480 to £486,235.

This compares to the London average increase over the past ten years of 55 per cent.

About half a mile from Abbey Wood station is this two-bed flat for sale for £235,000 via Your Move estate agents

About half a mile from Abbey Wood station is this two-bed flat for sale for £235,000 via Your Move estate agents

Rightmove has identified the asking price hotspots around the new Elizabeth Line stations

Rightmove has identified the asking price hotspots around the new Elizabeth Line stations

Meanwhile, Rightmove revealed that total buyer demand has risen the most in western areas, while prices and competition has risen most in eastern areas.

Twyford, at the end of the western section of the line and the next stop along from Reading, has seen the biggest jump in the number of buyers contracting estate agents.

Numbers have more than tripled compared to 10 years ago, up 245 per cent.

Those looking to buy near Abbey Wood station, at the end of the South East section of the line, face the stiffest competition from other buyers.

Competition in that area has soared more than nine times and is up 869 per cent.

Rightmove has identified buyer demand hotspots around the new Elizabeth Line stations

Rightmove has identified buyer demand hotspots around the new Elizabeth Line stations

The increase in buyer competition compared to ten years ago around the new Elizabeth Line has been revealed

The increase in buyer competition compared to ten years ago around the new Elizabeth Line has been revealed

Near Custom House station: This two-bed house is for rent for £1,700 a month via Outlook lettings agents

Near Custom House station: This two-bed house is for rent for £1,700 a month via Outlook lettings agents

The rental hotspots along the new Elizabeth Line station have been revealed

The rental hotspots along the new Elizabeth Line station have been revealed

It is a similar story along the Elizabeth line for tenants as many look to balance their commute into London with where they can afford to rent.

Average rents in London have reached a new record of £2,195 a month, up 14 per cent compared to this time last year.

Southall has seen the biggest increase in the number of tenants contacting letting agents compared to ten years ago, more than quadrupling, up 372 per cent.

However, asking rents near Southall station are lower than nearby Hanwell or Ealing.

Asking rents have increased the most in western stations Slough, up 44 per cent, and Burnham, up 43 per cent, while those looking to rent near Custom House station face the most competition from other tenants.

Slough is among the asking rent hotspots along the new Elizabeth Line stations, with the average asking rent up 44 per cent during the past ten years

Slough is among the asking rent hotspots along the new Elizabeth Line stations, with the average asking rent up 44 per cent during the past ten years

One of the new stations built for the Elizabeth Line - Custom House - has seen competition increase 3270 per cent compared to ten years ago

One of the new stations built for the Elizabeth Line – Custom House – has seen competition increase 3270 per cent compared to ten years ago

Custom House, one of the new stations built for the Elizabeth Line and benefitting from significantly lower travel times into Central London, has seen competition increase by a staggering 33 times, up 3270 per cent compared to ten years ago.

Tim Bannister, of Rightmove, said: ‘As the Elizabeth Line opens, it does so with a backdrop of record rents in London, a rising cost of living and a shortage of available homes.

‘Areas further out from central London that have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital.

‘Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.’

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National Maternity Hospital decision is a welcome sign of the Government’s backbone

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The Government’s decision to proceed with the building of the new National Maternity Hospital is a welcome sign that the Taoiseach and his Ministers are willing to face up to the Opposition, the social media mob and assorted objectors on an issue of major national importance.

One of the weaknesses of the Coalition since it took office in June 2020 has been a tendency to run scared in the face of contrived outrage, usually fomented by a combination of Opposition politicians and vested interests, often mistakenly portrayed as representing public opinion.

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URW rolls out Westfield brand to three new destinations

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Unibail-Rodamco-Westfield (URW) unveiled plans to rebrand three flagship centres, rolling out the Westfield brand to Parquesur in Madrid, Taby Centrum in Stockholm, and Galeria Mokotow in Warsaw this fall. The rebranding continues the expansion of the Westfield brand in Europe as the company drives new revenues through media advertising and brand experiences, turning its huge footfall of 550 million visits across its European assets into a qualified audience, while also leveraging the Westfield brand’s significant value to retailers, who see over 20%2 higher sales at URW’s centres even when compared to other A-category malls.

 

The flagship destinations share a number of characteristics in addition to being among the most important retail centres in their respective markets: they are set in excellent locations with unrivalled transport options, have distinctive architectural and design features and a best-in-class approach in terms of customer experience, community engagement, and sustainability practices. To celebrate the launch of the Westfield brand at these assets, each destination will host festive consumer events which will be announced later this year.

 

Caroline Puechoultres, Chief Customer Officer of URW, said: “The rebranding of these centres continues our strategy to expand Westfield to Flagship European destinations in the wealthiest cities and catchment areas. The significant opportunity afforded to both retailers and brands by this increasingly digitally linked network of destinations is unparalleled – through Westfield our partners can reach tens of millions of European consumers, driving new possibilities in advertising, brand marketing and retail.”

 

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