Towns make it on house price chart

Two areas of the West Midlands have joined the likes of Penzance in a list of top property hotspots in England.

Two areas make the list.
Two areas make the list.

Wednesbury in the Black Country and Burntwood in Staffordshire have made it into the Rightmove study’s top 10. Wallasey in Merseyside has been identified as the number one, with sellers’ asking prices up by 15.6 per cent annually on average.

In Wednesbury, the annual asking price has gone up in a year by 12.2 per cent, to £172,753, placing it as the fifth highest percentage increase in the country.

Burntwood makes it to 10th on the list at 11.2 per cent. Average prices there are now £254,418.

Seven out of the top 10 highest risers are in the North West of England, according to Rightmove’s study across Britain.

The exceptions are Wednesbury, Burntwood and the Cornish town of Penzance, which came third with an annual increase of 12.5 per cent.

Nationally, asking prices are at a record high of £327,797, an annual rise of 5.1 per cent on average. Nearly a quarter of properties are selling within a week across Britain – the highest proportion Rightmove has recorded.

A new survey by the website among estate agents in the West Midlands found nearly half are asking that a buyer has already had an offer accepted on their home if they want to physically view a property, and just over a third are asking that a buyer at least has their property already on the market.

For first-time buyers, many agents are asking that they first have a mortgage in principle before they can view a property, Rightmove said.

It warned those home owners who want to try to find somewhere to move to before putting their home on the market will find it much harder to book viewings in the current busy market.

Rightmove property expert Tim Bannister 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 home owners 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.”

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