Revealed: Top 20 areas in UK which have seen bumper rise in house prices
Exclusive data obtained by ITV News has revealed the top 20 areas in the UK which have seen house prices skyrocket, with the market rising at its fastest rate in five years.
With the stamp duty holiday, people increasing their savings over lockdown and a change in attitudes as people move out of the city and work from home more, the demand for properties has never been higher.
Wallasey in Merseyside has seen the highest rise in house prices in the UK - where properties have gone up by at least 15% from last year, according to the figures from Rightmove.
One year ago the average house price in the area was £152,858 - it's now £176,707.
An estate agent in Merseyside has told ITV News he has never seen anything like this before.
"It's off the scale, it's something we haven't seen for the last 10 years at least," Russ Smith from Bakewell and Horner said.
What are the top 20 areas in the UK which have shot up in house prices?
Mr Smith said people have been putting bids in after houses have been sold, paying £30,000 more than the asking price.
When asked by ITV News Correspondent Richard Pallot why the area is so appealing to buyers, he said: "In Wallasey, we've got a mix of houses, a lot of Victorian houses, we've got a lot of open space and that is causing a bit of a frenzy at the moment, we've also got close access to the beaches."
"So when we are putting a property on the market people are fighting for it."
An estate agent tells ITV News the demand in houses is unlike anything he has ever seen
The estate agent added: "We are getting more viewings than we have ever had before and prices are often going over the asking price by 10 or 20% easily."
ITV News also spoke to several buyers including a first time buyer who has been left with little to no chance of getting a home of their own.
He said: "Every time you see a house and you phone up, it's already been sold - I don't even get to view it, it's been sold."
A family has also echoed his comments by describing what it's like at the moment to try and buy a home as a "nightmare".
House buyers tell ITV News of the painful process it has been to try and buy a home
The family added: "We sold our house in November and still haven't found anything, there has just been very little in our price range come on the market.
"And everything that has come up has gone instantly or it has gone much higher than the asking price."
Another house-buyer told ITV News she feels helpless as she is unable to even book viewings let alone buy a house in the area.
Rightmove’s property expert, Tim Bannister, said he expects to see "strong price growth continue for the rest of the year".
He said: "The average asking prices of all locations in the price hotspot list are below the national average, and I’d expect them to see strong price growth continue for the rest of the year, especially as many buyers will be exempt from stamp duty in these areas right up until the end of September.
"The frenetic market opens up a very real possibility that you could miss out on the home you really want to move to if you haven’t already put your own up for sale, or if you’re a first-time buyer and you haven’t first researched what you can definitely afford.
"We recently found that a much higher proportion of chain free homes are up for sale, so it’s clear some buyers are already choosing to sell first and buy next rather than tie themselves into a chain.
"To put yourself in the best possible position before you request a viewing I’d recommend getting a mortgage in principle ready, and being clear on what the final asking price you can offer is if it is a hot market where the property is likely to go to best and final offers.
"Agents are telling me that because stock is so few and far between they’re advising homeowners to first get an offer accepted on their own home, and they’re finding that many buyers are more willing to then give owners a bit more time to find their next place to move to before the chain can get moving."