Chard in Somerset has been identified as the leading property hotspot in the UK, with an impressive 123% increase in house prices from 2023.
The town’s average house price now stands at £245,202, according to Rightmove. This significant rise places Chard at the forefront of Rightmove’s list, ahead of Hilton in Derbyshire and Padgate in Cheshire, which both saw an increase of 112%.
A spokesperson for Rightmove highlighted that nationally, the rate of sales agreements is up by 13% compared to the same period last year. Some regions are experiencing even higher sales activity, with four areas witnessing more than double the percentage of homes sold subject to contract compared to last year.
Despite the high growth, Chard’s average house price is still below the regional average for the South West, which stands at £245,202. This suggests a trend where homebuyers are turning to more affordable areas amidst high mortgage rates and ongoing cost-of-living challenges.
The list of the top ten property hotspots includes:
- Chard, Somerset: +123%: £245,202
- Hilton, Derbyshire: +112%: £287,201
- Padgate, Cheshire: +112%: £228,518
- Caerphilly: +104%: £248,696
- Keynsham, Bristol: +97%: £377,392
- Royton, Greater Manchester: +96%: £227,442
- Cramlington, Northumberland: +94%: £194,352
- Gerrards Cross, Buckinghamshire: +94%: £1,034,264
- Armthorpe, South Yorkshire: +93%: £185,613
- Seaham, County Durham: +92%: £158,645
The data also shows that detached houses have seen the most significant sales increase since last year, rising by 17%.
Rightmove property expert, Tim Bannister, said: “During the pandemic and into last year, there was very little availability of larger homes. With not much choice of property to move to, this deterred some larger-home sellers from coming to market. Last year, movers had to adjust from historic low mortgage rates to much higher levels.
“While some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted last year. Rates have come down from their peak while prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market.
“The increased choice is being met with more demand, resulting in higher numbers of sales.”