HOUSE prices have rocketed over the past year as buyers look to move out of big cities.
GetAgent has shared data showing that in eight UK postcodes, house prices have risen by more than £100,000.
Homeowners want to live close to the seaside and far away from the big cities
The major growth has been seen over just the past year and some eager buyers have even snapped up homes without visiting them in person.
Top spots that made the list range from north Cornwall and Devon to villages close to Glasgow and Bristol that buyers can still commute into the city from.
Because of the pandemic home-buyers have changed their mindset on where is best to buy a new property.
Coastal and country spots are in, and spots in the big cities are out.
But homeowners still want locations to be easy to reach more built up areas as they look to upgrade their space as well as work-life balance.
According to Rightmove, Cornwall overtook London as the most popular search destination for property buyers, and that’s reflected in the rising prices too.
The UK’s biggest building society, Nationwide has also recently published it’s latest index showing that the annual rate of growth is at 10.5%.
CEO of GetAgent, Colby Short, previously said: “Homebuyers have, and will, continue to flock to the market in order to realise their dream of homeownership and this will help maintain the upward price trends seen of late.”
The pandemic and work from home order that was in place for most of the past year has also made buyers want bigger homes with room to live and work, as well as a garden.
But because they are in short supply the costs mount up.
Cornwall has a known history of being popular with second home owners and it will always be a popular holiday destination too.
That means lots of buyers could be eager to buy a property in the area to let out to tourists during the summer months.
Especially since most Brits holiday plans have been dashed this year, those who would normally go abroad have visited the area for the first time during the pandemic – boosting popularity further.
The same goes for Devon where the inaccessibility of the area used to keep prices down but is now seen as an attraction.
Plus, buyers looking for new homes in Bristol and Glasgow see the appeal of living close enough to city hubs but far enough away that they can enjoy the space that comes from out-of-city properties.
But while house prices are sky-high at the moment, some experts think they’ll drop off next year since the stamp duty holiday has tapered off.
These are the postcodes where house prices went up by more than £100,000 this year:
- North Cornwall, PL27 – Last year: £342,903, This year: £478,031
- North Cornwall, PL2 – Last year: £403,655, This year: £538,597
- South Cornwall, PL23 – Last year: £395,628, This year: £520,525
- South Devon, TQ8 – Last year: £617,857, This year: £749,565
- North Devon, EX33 – Last year: £367,811, This year: £484,935
- East Suffolk, IP10 – Last year: £352,495, This year: £482,809
- Renfrewshire, PA13 – Last year: £227,600, This year: £334,232
- Somerset, BS41 – Last year: £419,895, This year: £524,917
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A tiny battered shed near Devon beach is on sale for an eye-watering £45,000, as the demand for location takes priority for buyers.
If you’re looking for something on the cheaper end of things though, we’ve found six properties worth under £50k where first-time buyers only need a £2,500 deposit.