Redcar and Stafford make 'best in show' top 10 for house price growth
Redcar and Stafford were among estate agent Keller Williams' top 10 'best in show' property markets in England based on price appreciation since the start of the stamp duty holiday.
Across England, house prices have climbed 8% since the holiday was introduced in July 2020 by chancellor Rishi Sunak to help buyers who might have taken a financial hit because of COVID-19. The holiday has been extended until the end of June.
Keller Williams analysed house price growth since last July across all local authorities in England and found that Oadsby and Wigston in Leicestershire came out on top.
At 22%, house prices in the area have boomed and "not only has Oadsby and Wigston seen the highest rate of growth of all areas of Leicestershire, but it currently leads the national property market," the report said.
In Lincolnshire, house price growth was highest in South Kesteven at 21%, placing it second in the list of county property market frontrunners.
Stratford-upon-Avon (19%) in Warwickshire, South Derbyshire (19%) in Derbyshire and Redcar and Cleveland (17%) in North Yorkshire also saw some of the highest levels of house price growth, having driven the market in their respective counties since last July.
In Staffordshire, Stafford saw a 16% increase.
The report also found that that not all areas of the UK market are seeing prices boom to the same extent.
Read more: UK house price growth hits 10% in hottest month in seven years
The unitary authority of Wiltshire beat Swindon to claim the highest rate of house price growth in the ceremonial county of Wiltshire but at 7%, it’s the worst performing county frontrunner in England.
"That’s not to say that an increase of 7% should be sniffed at and, in fact, this would be considered a very healthy level of growth in ‘normal’ market conditions," said Keller Williams CEO Ben Taylor.
“While each area is home to the highest house price growth in its respective county, some are performing far better than others. This is down to the drastically different DNA of the market from one area to the next and it’s interesting to see how the rate of house price growth differs across the best performing areas in each county."
Meanwhile, Nationwide said its house price index recorded price growth of 10.9% last month, which was the highest monthly figure seen since August 2014.
The average house price in Britain now stands at a record £242,832 ($345,501) — £23,930 more than it was a year ago. On a monthly basis, prices grew by 1.8% in May.
Watch: What do stamp duty cuts mean for buyers and house prices?
