New towns outperform their historic counterparts
Research by estate and lettings agent, Barrows and Forrester, has revealed that when it comes to property market performance over the last year, the nation’s ‘new’ towns have posted a stronger performance when compared to their historic counterparts.
The research shows that: –
- Across the UK as a whole, the average house price has climbed by 9.9% annually.
- The nation’s historic towns and cities have outperformed the wider national average during this period, up 10.6% on average.
- However, at 11.4%, the annual rate of growth across the UK’s new towns has outpaced both the national average and the performance seen across historic locations.
- At an average of £293,971, the nation’s new towns are also home to a higher average house prices when compared to the average of £258,844 found across historic towns and cities.
New city hotspots
- Telford and Harlow ranks as the two best performing new towns, with both seeing huge annual growth of 15.1% in the last year alone.
- Runcorn is the most affordable of the bunch at £178,934, while Hemel Hempstead commands the highest property price tag with homes currently commanding £441,755.
Historic market hotspots
- However, if you would rather something a little more historic, Bath tops the table for historic city house price growth, up 14.3% in the last year.
- Durham provides the most affordable historic step onto the ladder at £122,818, while Oxford just beats Bath for the title of least affordable historic market hotspot, with property values averaging £471,179.