One part of Greater Manchester has been named amongst the top ten property hotspots in the country. OnTheMarket, a UK property portal, has released its latest Hotspots Index, which ranks a range of areas that are proving to be popular with buyers.
The site’s latest index suggests that buying decisions are heavily influenced by affordability, with some of the UK’s cheapest locations seeing the most activity. It is no coincidence that the average house price in all but one of the top ten areas is below the national average.
The borough of Wigan has been named one of the latest property hotspots in the country, ranking in second place. As one of Greater Manchester’s cheapest places to live, the property firm says workers from Manchester are ‘flocking there to find good-value homes’.
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The average price paid for properties in Wigan is £158,000 as of March 6, 2024, according to OnTheMarket’s house price data provided by the Land Registry. This represents a fall of 10.6 percent over the last 12 months for sold prices in Wigan.
Bradford was named the top property hotspot in the UK, whilst Burnley, which was recently named the UK’s most affordable area to buy a home and is commutable from Manchester, placed third.
Jason Tebb, president of OnTheMarket, says: “Our Market Hotspots index suggests buying decisions are heavily influenced by affordability with some of the cheapest locations seeing the most activity. It is no coincidence that the average property price in all bar one of the ten hottest urban areas is below the national average.
“There are also suggestions of a ripple effect at work with people priced out of major cities opting for cheaper urban areas within easy commuting distance. Hence, Bradford, the top hotspot for the second year in a row, is close to Leeds while second-placed Wigan is midway between Manchester and Liverpool, and third-placed Burnley is north of Manchester.
“Post-pandemic, people seem willing to commute that little bit further than they might have previously, while more flexible working conditions mean they may not be required to be in the office every day. This is making areas outside the major cities increasingly popular with property buyers as there is more value to be had.”
Jason continued: “The north/south divide is also in evidence, with all of the top ten hottest urban areas in the north of England or the Midlands. London is in a lowly 47th place, down from 45th when looking at the same period last year even though average property prices haven’t risen as much as in other parts of the country. The index further reinforces that many buyers are being priced out of London and the southeast and as a result may be looking for opportunities further afield.
“People are buying in areas that are relatively affordable and cheaper than average in the hope that one day they may get close to the average property price or even exceed it. Therein lies the opportunity for property buyers, with hotspots further down the list offering possibilities for those looking to purchase but seeking better value and avoiding competing with quite so many other would-be purchasers.”
The top 10 property hotspots in the UK:
1. Bradford
2. Wigan
3. Burnley
4. Stoke-on-trent
5. Blackpool
6. Sunderland
7. Derby
8. Coventry
9. Leicester
10. Doncaster