Eastwood named 'house price hotspot' after biggest rise in whole of UK

New research has revealed that Eastwood saw the biggest rise in asking prices on homes for sale in the whole of the UK last year.
By Lucy Roberts
Published 9th Jan 2023, 10:12 BST
Updated 9th Jan 2023, 10:12 BST
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The town of Eastwood tops the list of ten locations across the country which has seen asking values increase the most in 2022, according to Rightmove.

The average asking prices for homes in Eastwood increased by 29 percent last year, with figures showing the average price for a home in the town was £231,381 in 2022, up from £179,194 in 2021.

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New buyers in Eastwood face a 10 percent deposit on average, and monthly mortgage payments of £1,374.

House prices skyrocketed by 29 per cent in Eastwood last year.House prices skyrocketed by 29 per cent in Eastwood last year.
House prices skyrocketed by 29 per cent in Eastwood last year.

This drops to £1,115 per month for those that can afford to put down a 25 percent deposit.

Will Watson, of Watsons Estate Agents in Kimberley, said: “We have found that Eastwood has always been a popular location for buyers as it has a wide variety of shops, a good school and the countryside nearby, with great transport links via the M1.

“There is quite a high proportion of ex-local authority and terraced houses which are well-built and represent good value for money, with many sales we see below the national average, so it's no surprise that people have been relocating to the Eastwood area for more value.”

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On average, asking prices across Britain were 5.6 per cent higher at the end of 2022 then they were in 2021.

Rightmove predicts average asking prices in the UK will drop by 2 per cent in 2023 after two and a half years of what it describes as ‘exceptional’ growth, and hyper-local differences between sectors and segments of the market will become even more pronounced, with prices depending on the types of property available and the desirability and affordability of the exact location.

Tim Bannister, of Rightmove, said: “Property prices have risen exceptionally over the last three years.

“If we compare with December 2019, just before the pandemic started, the average asking price of a home in Britain has risen by a staggering 20 per cent.

“To put that into context, asking prices rose just 3 per cent in the previous three years, and we need to go all the way back to 2013 to see similar price growth.”

Related topics:EastwoodRightmoveKimberley