Analysis from estate agent platform eXp UK has found strong demand in several ‘thriving’ hyper-local markets, which the company says is bucking the trend seen across the rest of the country.
The analysis shows that house prices across England are now down 0.9% since the start of the year, with several regions seeing more significant corrections. But some local markets are defying the national trend, with strong momentum and above-average growth since the start of the year.
High demand in the best-performing areas has seen house prices rise significantly more than the national average, which include Salford (pictured, up 7.6%), Middlesborough and Uttlesford (both up 7.5%). Other strong growth areas are North Kesteven (6.8%), Basingstoke and Deane (6.7%), Tandridge (6.6%), East Staffordshire (6.4%), Ribble Valley (6.2%), Barking and Dagenham (5.9%), and Kingston upon Thames (5.7%).
‘These markets are being buoyed by localised demand, regeneration, affordability relative to nearby areas, and in some cases, a return to urban living after several years of pandemic-induced relocation trends’, eXp UK believes.
Some of the largest house price declines were found in London, where the largest reductions were found in Camden (-8.6%), Hammersmith and Fulham (-7.8%), and the City of Westminster (-5.7%). eXp UK suggests this reflects cooling demand at the very top end of the capital’s prime market.
Taking the regions as a whole, every area but London has experienced a reduction in house prices. The most significant regional declines were found in the North Westm which was down 1.9%, the North East (-1.6%), West Midlands (-1.3%), and South West (-1.2%).
Adam Day, Head of eXp UK and Europe, commented on the figures:
“This latest reduction in property values is a clear reflection of the impact government support can have on buyer behaviour – with the end of the stamp duty incentive pulling forward demand into Q1 and creating a vacuum in April. But beneath the headline figures, the market remains diverse and dynamic.
“We’re seeing sustained buyer interest and price growth in a wide range of regions – from Salford, to Middlesbrough, Uttlesford and Tandridge. These hotspots show that well-connected, affordable, or desirable areas are continuing to attract strong interest.
“As always, property remains a hyper-local asset, and while some parts of the country are undergoing correction, others are thriving.”
See how your local area has performed so far this year here.
