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Property price winners and losers

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In the last year, some parts of the UK have seen strong rises in average house prices despite the pandemic
Property price winners and losers

Average house prices are up 16.7% in Liverpool compared to a year ago when we went into lockdown one – the highest increase anywhere in the UK, said Andrews Property Group.

The estate agency said that Oldham came in second place, with prices rocketing 15.7% in the last 12 months.

In fact, the top four property hotspots were all in the North West, with Burnley (15.2%) and Blackburn (14.2%) taking third and fourth place respectively.

Double digit growth was recorded in 19 UK towns and cities since March 2020, with prices up 13% in Manchester.

Average property prices in London have only increased by 3.7% over the same period.

In Scotland, average house prices in Glasgow have increased 13.2% since March 2020, compared to just 2.7% in Edinburgh and 2.9% in Aberdeen. In Wales, average property prices are up 8.5% in Swansea and 7.2% in Cardiff.

Falling prices

Only four major UK towns have seen a fall in average house prices since March 2020 – Stratford-upon-Avon (-2.5%), Cambridge (-1.7%), Hartlepool (-0.7%) and Gosport (-0.1%).

David Westgate, group chief executive of Andrews Property Group said: “Considering the economic and social challenges we’ve faced since the country went into national lockdown for the first time last March, the UK property market has proved itself to be extremely resilient in the face of adversity.

“The stamp duty holiday introduced in July has smoothed the bumps and helped fuel house price growth, turbo-charging the property market in the second half of 2020. We saw a buyer frenzy, with people looking to take advantage of stamp duty savings up to £15,000. That, coupled with continued low stock in many areas, has supported prices.”

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