2016 has been quite a year, especially for the UK’s property market. We have just released a 2016 Property Price Index, providing a look at how the UK’s housing prices have behaved over the last twelve months. Read on to see what’s hot and what’s not for property.
Buying and renovating a fixer-upper in the right area will increase the value significantly, so this is worth considering when hunting for property
Spokesperson for Plentific, Stephen Jury, said: ‘Our report shows the winners and losers in property this year. More importantly, it gives valuable insight to those wanting to get onto the property ladder or invest in property in areas with good potential for price increases.
We have found a fifth of homeowners carry out home improvements to increase the value of their property. Buying and renovating a fixer-upper in the right area will increase the value significantly, so this is worth considering when hunting for property.'
Aylesbury is top of the hot list for property in 2016 with prices in the area increasing by 21.5%. The prices of new commuter hotspots has risen significantly this year and it seems the London ripple effect has pushed past Watford, Hemel Hempstead and Tring and had a huge impact on this town in Buckinghamshire.
Ipswich is ranked 3rd in the list, which might come as a surprise to some. Prices are up by 19.59% with nearby Norwich in 15th place, up 14.82%.
The What’s Hot table is dominated by London and the South East, with just under half of the listed areas coming from our capital. Greenwich (19.91%), Hammersmith (17.46%) and Chelsea (18%) lead the way in London with St Albans (17.28%), Sutton (17.39%), Reading (16.9%) and Brentwood (19.43%) joining Aylesbury for commuter areas surging in value.
Wirral is the only northern area to make the top ten with a value increase of 16.58%; average properties in this area will have increased by over £32,000 this year alone. The next northern areas to make the list are Chester (ranked 22nd) with a value increase of 13.58% and Stockport (ranked 30th) with house prices rising by 12.77%. The lack of northern regions in the upper section of the grid emphasises how the south has had more success with house prices this year.
There is a distinct North/South divide in this Price Index. The table illustrates how the northern region is not thriving quite as well as the south. Nevertheless, almost every town and city in this area has still climbed in value, with the exception of one. It’s not good news for Middlesbrough homeowners with prices down 1.62% during the past year.
Other northern areas to make the lower-list include Rotherham with a value increase of 3.48%, Salford at 3.08% and Bradford at 2.99%.
Westminster is bottom of the list with a decrease in value of 3.67% over the past year. Demand for property in Prime Central London has seen a significant drop and Westminster finds itself at the core of this decline with almost a £50,000 average drop in price.
Hackney shows a value increase of only 3.22% this year, implying that the housing market has calmed down in this area since its surge in prices during the golden Olympic regeneration period.
London shows an overall positive increase in property value with a range of the capital’s regions making an appearance in the table, including some surprising mentions from the centre. Hammersmith (17.46%) and Chelsea (18%) are particularly unexpected, especially so highly ranked on the table at 2nd and 3rd. However, despite these areas showing a noticeable rise in value this year, these homes will not be the easiest to sell thanks to the nerves surrounding London’s property ladder.
Properties in Sutton (ranked 4th in London) increased by 17.39%, whilst house prices in Richmond Upon Thames (ranked 5th in London) rose by 16.28%. However, Chelsea proved to have the best increase in price, with properties rising £330,467 on average.
Greenwich takes first place in London, however, for the highest percentage rise in value with housing prices increasing by a fifth (19.91%). Our research also shows that the average property in Greenwich will have increased by over £100,000 over the past year, making it a lucrative area for investors.
Katie is constantly browsing the internet to keep up-to-date with the latest property news. A huge fan of tea and chocolate, plus has a love for period homes.