House prices: Value skyrocketing in this UK town at the fastest rate across the UK
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Property prices in one particular British county have boomed as a result of coronavirus and lockdown. Shropshire is seeing a boost to its housing market.
According to reports Rightmove has claimed the region is seeing prices rise at the fastest rate across the UK.
In that past year house prices in Shropshire are up 6.3 percent.
The average price is a record high of £243,260.
This development is inspired by Britons’ desire to move in to the country after coronavirus and lockdown.
Rightmove’s property expert Miles Shipside said: “The lure of a new lifestyle, one that is quieter and has an abundance of beautiful countryside and more outdoor space, has led to more city dwellers choosing to become rural residents.
“We saw a shift as early as April in more people living in cities inquiring about moving out of that city, and this trend has continued.
“The most popular village moves are still within the same region the home hunters are currently in, as it’s likely they’ll keep their current job but may have the flexibility to commute less often and set up their working space at home.”
An estate agent told the Shropshire Star: “The generic properties (in the area), things like three-bedroom properties, are flying out the doors.”
Will Walker-Evans, of Nick Tart estate agents, went on: “I think the stamp duty incentive is driving the market, I think a lot of people are looking to buy properties before that ends in March.
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“I would say the built-up areas are doing well, places like Priorslee, but it depends a lot on the type of property.
“Anything up to £200,000-£250,000 does well, the first-time buyer market is doing well now that 90 percent mortgages are back.
Where are Britons moving during the COVID crisis?
Hamptons International’s report for summer 2020 named the top 15 towns to buy for those moving out of the city.
In the list were included Broxbourne, Epping Forest, Dartford, Tandridge, Thurrock and Sevenoaks.
The research revealed a “resurgence of the suburbs”, which is claims is down to two major factors, one being a desire for large homes with gardens for lockdown and the good value of homes in the suburb compared to in the city.
The report claims 34 percent people registering interest to buy in the suburbs currently live in London.
Many homeowners will feel anxious with Britain now in recession.
How can you boost the value of your home even amid economic hard times?
Ross Counsell, chartered surveyor and director at Good Move advised getting a property survey will help homeowners identify what needs changed to increase the value of their home.
He said: “As we know, space is now at the forefront of buyer’s minds and they’re going to consider every single detail of a house before putting an offer in.
“Therefore, we advise sellers to instruct a chartered surveyor to perform a property survey, so they can take steps to rectify any major issues that will put buyers off or reduce the value of their home.”
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