Below-average rise in house prices in market towns like Chesterfield
Market towns such as Chesterfield have enjoyed a below-average rise in house prices new research suggests.
Research by estate agent comparison site GetAgent.co.uk found historic towns, such as Stratford-upon-Avon, have fared the best over the last year, enjoying an average property price rise of 11.5 per cent, from £258,143 in January 2020 to £287,938 in April this year.
Seaside towns enjoyed a 10 per cent rise over the same period, to £309,539, while manufacturing towns saw a 9.8 per cent rise, to £158,506.
The British average rose 8.2 per cent over the period, to £253,702, but market towns only saw a 7.5 per cent increase, from £265,854 to £285,881 – the average price for a home in Chesterfield in April 2021, according to the latest UK house price index, was £173,885.
Colby Short, GetAgent.co.uk founder and chief executive officer, said: “It’s no surprise historic and seaside towns have seen the greatest amount of price growth over the past year.
“The pandemic has made many people rethink their priorities and what they want from life, and for many this has meant relocating to quieter, more beautiful surroundings and our historic and seaside towns offer this in abandon.
“Furthermore, neither historic or seaside towns are designed to accommodate a significant increase in population, due to the fact geographical space limitations mean it’s difficult to increase the amount of new stock.
“Our market and new towns, on the other hand, are often located in places where surrounding land, often historically agricultural, can be reclassified for development, thus making it easier to increase stock in reaction to rising demand, resulting in lower levels of price growth.”