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Recession fears may mean homeowners are sceptical of putting their property up for sale – but the property market is currently surging after lockdown. In fact, the average price of larger homes with three or four bedrooms has hit a record high in September.
This is due to buyers looking to increase their space, pushing property prices up in several areas.
Across Britain, typical “second stepper” homes reached a record average asking price of £291,618, Rightmove said.
These types of properties, which can be either houses or flats, are sought out by buyers moving out of their first home.
When taking the next step on the property ladder buyers tend to seek more space, gardens and room for growing families.
Read More: House prices: How to save £20,000 when moving home
Rightmove said the price record has been fuelled by buyers needing extra space for their families or room to work from home.
For many, working from home has become the new norm, and so in money saved on commuting, upgrading to a second or third bedroom to create an office space makes sense.
Rightmove added across all property types, prices have remained steady since hitting a record high in July.
The average asking price for a property in September was £319,996 – just £269 below the record set in July.
Now you can check how much your home is worth with a nifty tool created by Hillarys.
The Property Price Patterns widget helps homeowners find out where in the UK have experienced the biggest increases and decreases in house prices since lockdown began.
The tool was created with homeowners and first-time buyers in mind, so they can better judge when and where is best to buy a property.
All you need to do is enter your postcode or name of your city and then a map of that area will show how much house prices have changed in the last year.
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If you are choosing between two areas, you can also compare locations, or even see the top ten areas that have seen the biggest increase in house prices, as well as the lowest.
To create the handy tool, the team compared house prices on online property listings from last year to this year, working out the average house price in each area to uncover the biggest increases and decreases.
Spokeswoman for Hillarys.co.uk, Lucy Askew, said: “With coronavirus and lockdown having affected the whole economy and the country entering the biggest recession it has seen yet, house prices are of course affected massively meaning good news for some, but bad news for others.
“This tool allows those looking to move or newly buy determine just how much houses are in their desired area, allowing them to make a more educated decision on whether moving right now is the best idea.”
Some areas across the UK – in particular the North of England – have seen huge increases over the past year.
In particular, Middlesbrough in the North East of England saw house prices increase by 85 percent this year compared to 2019.
In Middlesbrough the average house price in 2019 was £33,000, this is now £61,100.
Leeds has also seen a house price boost, with the average house price in 2019 at £33,000, increasing by 66.02 percent in 2020 to £247,400.
Postcodes which have seen the biggest house price increase in the last year:
TS2 – Middlesbrough
Average house price in 2019 – £33,000
Average house price in 2020 – £61,100
Increase of 85.15 percent
LS3 – Leeds
Average house price in 2019 – £149,016
Average house price in 2020 – £247,400
Increase of 66.02 percent
E10 – London
Average house price in 2019 – £434,445
Average house price in 2020 – £716,364
Increase of 65.89 percent
Similarly, areas across the UK have seen decreases over the past year, potentially creating a thriving market for first time buyers.
Newcastle Upon Tyne saw house prices decrease by 53.46 percent, from an average of £453,625 in 2019 to an average of £211,100 in 2020.
Talsarnau in Wales also saw a decrease, with houses on average costing £218,316 in 2019, now averaging £126,000.
Year on year this was a decrease of 42.9 percent.
Postcodes which have seen the biggest decreases in house prices over the past year:
NE18 – Newcastle Upon Tyne
Average house price in 2019 – £453,625
Average house price in 2020 – £211,100
Decrease of 53.46 percent
CA24 – Moor Row
Average house price in 2019 – £128,392
Average house price in 2020 – £66,000
Decrease of 48.59 percent
LL47 – Talsarnau
Average house price in 2019 – £218,316
Average house price in 2020 – £126,000
Decrease of 42.29 percent
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