Small towns saw most property purchases relative to their population in 2020
Huntingdon, Pontefract and Great Yarmouth topped the list compiled by Haysto
Buyers moved further from cities and sought green space due to the pandemic
Cities such as Birmingham and Brighton saw comparatively fewer purchases
The busiest property markets of 2020 have been revealed, with small towns taking the top spots as buyers flooded out of cities during the pandemic.
Huntingdon, Cambridgeshire, had the highest rate of property purchases in England and Wales, followed by Pontefract, West Yorkshire and Great Yarmouth, Norfolk.
Specialist mortgage platform Haysto analysed Government data to work out the figures, which are based on the number of house purchases per 10,000 people in the area’s population.
Huntingdon, which has a population of around 26,000 people, saw more than 400 house purchases per 10,000, while Pontefract saw 328 and Great Yarmouth, 320.
Known for being the birthplace of Oliver Cromwell, Huntingdon is a commuter town with a direct train link to London. It also tends to offers better value than other areas near Cambridge.
According to Rightmove data, house prices are on average £10,000 cheaper than the regional average in Cambridgeshire.
Pontefract might also have benefited from bargain-seeking house buyers.
Sold prices in the town, which has a population of just over 31,000, were down three per cent year-on-year in 2020 according to Rightmove.
This was at a time when house prices have risen by an average of £17,000 across the UK.
Preston is the only city in the top ten of the high purchase rate list, and has a relatively small metropolitan population of less than 99,800.
Other than Doncaster, each of the locations in the top ten has less than 100,000 inhabitants.
Haysto’s research also identified the locations that had the fewest property purchases relative to the size of the population, or the least busy housing markets.
Portsmouth had the fewest with 51 per 10,000 people, as despite having a population of nearly a quarter of a million, there were only 1,267 properties sold over the course of the year.
Wirral (56), Luton (72), Watford (74) and Birmingham (75) completed the bottom five locations with the lowest number of property purchases per 10,000 people in 2020.
This also reflected the trend towards smaller settlements among buyers.
All of the 20 towns and cities with the lowest property purchase rates had a population of at least 100,000, while five were home to more than a quarter of a million.
Buyers have moved further away from cities in the past year, as many worked from home and felt that they would necessarily not return to a daily commute after the pandemic.
Other attributes such as larger floor plates and gardens, which are harder to find and less affordable in urban areas, also climbed higher up buyers’ wish lists.
Commenting on the research, Paul Coss, co-founder and specialist mortgage broker at Haysto said: ‘The impact of Covid-19 changed the property market in 2020 nationwide. I believe when we come out of lockdown and the economy starts to bounce back, this could be a good year to move or get on the property ladder.’
[Source: dailymail.co.uk, 26 March 2021]
Want to know more? Get in touch!
Image by Gerd Altmann from Pixabay