The Halifax say prices in Taunton are up by a fifth on average in 2021
Taunton in Somerset has been identified as the UK’s top house price hotspot in 2021, with property values there increasing at more than three times the national average rate.
Over the past year, average house prices in Taunton have increased by more than a fifth (21.8%), compared with a 6.2% increase across the UK generally, Halifax said.
In cash terms, the average house price in Taunton, which has a range of independent shops and is surrounded by attractive countryside including the Quantock Hills, rose by £56,546 to £315,759.
With its good links to the M4 and rural surroundings, the Wiltshire town of Chippenham has also benefited from the “race for space” among buyers, with the biggest increase in house prices in cash terms.
Prices there rose to an average of £381,181 – marking an increase of £58,322 since 2020.
Nowhere in London appeared in the top 20 hotspots list. The area of the capital with the highest growth was Enfield, where the average house price increased by 6.8% to £512,135.
Westminster in central London recorded the biggest fall of any area, with average house prices there down by 6.9%.
Russell Galley, managing director, Halifax, said: “As the county town of Somerset, this year’s house price winner, Taunton, has a lot to offer home-buyers with its high quality of life and great transport links to major towns and cities across the South West.
“Like Taunton, many of the areas that saw the biggest house price growth over the last year enjoy a combination of greater affordability and space compared to nearby cities.
“Places like Bolton, Newark, Bradford and Hamilton – where there are a broad range of property types and settings – all offer significantly better value than their more metropolitan neighbours.”
Mr Galley added: “This is perhaps most clearly shown in the UK’s capital. It is rare that no London boroughs appear amongst the areas of highest house price growth but that is the case in 2021.
“This shift echoes what we have seen from home-buyers over the last year – less focus on major cities and more demand in the suburbs and further afield.”
Published: by Radio NewsHub