Listing prices in Bath increased +15% y/y, according to Rightmove.
Rate of Y/Y Price Growth in Bath is the Highest in Great Britain
The average asking price of for-sale homes in Bath hit L558,018 or US$695.123, an increase of +15% y/y during Q1 2022.
The rate of price growth in Bath was the largest of any city across all of England. While price growth in Bath jumped +15% y/y, price growth averaged +9.9% y/y throughout the UK, according to Rightmove, a leading property website.
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Price Growth in Truro & Southend-on-Sea Ranked Second & Third
Truro in Cornwall saw its average listing price for an available home increase +14.8% y/y to rank second in terms of home price growth across the UK.
Essex’s Southend-On-Sea ranked third in home price growth with an increase of +13.4% y/y.
Initially, according to Tim Bannister, director of property data with Rightmove, these three cities were able to maintain stable home prices since the housing market reopened in 2020. Then, in 2021 and 2022, demand overwhelmed supply.
Bannister said, “…the number of new homes coming onto the market hasn’t been able to keep up with the (number) of buyers inquiring, which has led to asking prices accelerating over the last year.”
Inventory Dropping
In Bath and Truro, both located in the South West, inventory fell -39% y/y due to this uptick in demand.
Glasgow Now the Favorite
Rightmove measured the number of buyers’ inquiries per each available property throughout the UK. It turned out that Scotland’s Glasgow was the UK’s most sought after market in the UK. John O’Malley, CEO of Pacitti Jones in Glasgow, said, “We are seeing 50-plus viewers and offers being made within days for every property coming on the market. This lack of supply then results in more demand for available properties and inevitably means property prices in Glasgow remain high.”
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Thanks to Rightmove and MansionGlobal.
