The former UK mining town where house prices have surged 29% in ONE year - 'Still great value!'

The town of Eastwood has seen the biggest rise in house prices
The town of Eastwood has seen the biggest rise in house prices

Research has unveiled a former mining town has topped the charts for the biggest rise in house prices

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New research has revealed that a former mining town in Nottinghamshire saw the biggest rise in asking prices on homes for sale last year.

The town of Eastwood tops the list of ten locations across the UK which has seen asking values increase the most in 2022, according to Rightmove.

Prices in the town rose 29 per cent to £231,381 in 2022 from £179,194 in 2021 which equates to an increase of £52,187.

Rightmove suggested that new buyers in Eastwood with a 10 per cent deposit would likely see an average monthly mortgage payment of £1,374.

Eastwood in Nottinghamshire saw a rise in £52,187 in 2022 compared to 2021
Eastwood in Nottinghamshire saw a rise in £52,187 in 2022 compared to 2021

Those who can afford to increase their deposit to 25 per cent would pay £1,115 a month.

Will Watson, of Watsons Estate Agents in Nottinghamshire, told the Daily Mail: “We have found that Eastwood has always been a popular location for buyers as it has a wide variety of shops, a good school and the countryside nearby, with great transport links via 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.”

Just behind Eastwood is Hulme in Manchester which was ranked second on the list with average asking prices rising by 26 per cent from £188,454 to £238,249.

Sandbanks in Poole, Dorset came in third with asking prices increasing by 22 per cent.

The South East features the most price hotspots within the top ten.

On average, asking prices across Britain were 5.6 per cent higher at the end of 2022 then they were in 2021.

Rightmove predicts average asking prices in the UK will drop by 2 per cent in 2023 after two and a half years of what it describes as ‘exceptional’ growth.

House prices are expected to decrease by 2 per cent in 2023, according to Rightmove
House prices are expected to decrease by 2 per cent in 2023, according to Rightmove

Tim Bannister, of Rightmove, said: “Property prices have risen exceptionally over the last three years.

“If we compare with December 2019, just before the pandemic started, the average asking price of a home in Britain has risen by a staggering 20 per cent.

"To put that into context, asking prices rose just 3 per cent in the previous three years, and we need to go all the way back to 2013 to see similar price growth.”