Revealed: Britain’s new homebuying hotspots
The UK’s top performing house price regions are home to some of the UK’s favourite staycation destinations, according to Halifax.
The lender found that homeowners in the UK’s holiday hotspots have seen an average price increase of £13,500 since last summer.
It also noted that, as the global pandemic means many Brits may be hesitant to travel abroad, ‘staycations’ are set to become even more popular.
Where are the staycation hotspots?
Mid Glamorgan, by the medieval castle at Caerphilly and beaches of the Vale of Glamorgan, has seen house prices rise by almost £20,000 (£18,407) to £165,839 over the past year.
Cornwall, already one of the UK’s most popular holiday destinations, has seen prices rise by an average £13,651, to £256,379.
Homes in the Isle of Wight will now set buyers back by an average of £255,897, having grown by £17,329 over the past year.
Gwynedd, home to Wales’ highest peak, Mount Snowdon, has seen a house price hike of 11% over the past year, to £201,122.
Other UK holiday destinations, such as Cumbria, North Yorkshire and Dorset – and its Jurassic Coast along the English Channel – have also seen healthy house price rises over the past year. Residents of Cumbria have experienced growth of £13,260, to £193,812; North Yorkshire prices have increased by £10,951 to £256,893; with Dorset slightly lower at £10,059 to £306,642.
Russell Galley, managing director of Halifax, said: ‘The summer holidays are upon us and many Brits would usually be anticipating a summer break abroad. Recent events may mean plans have changed but, with the easing of lockdown restrictions, the opportunity to travel is an option once more.
“Our research has found that staying local, and exploring home-grown tourist attractions could make more financial sense, whilst providing the beauty, excitement, and cultural enrichment many of us look for when travelling, as trips to Europe or beyond.”