Even with 2020 bring a hugely challenging year, people will look back on what happened. One property company, Movewise, has analysed the house price data of the UK, and named notable winners and losers.
One of the biggest winners in the UK is Newport.
While Newport is being laded for an increase of 8.1% when it comes to average house prices, Bridgend has moved in a similar manner. As you can seen below, according to Rightmove information, sold prices in Bridgend increased by 5% on the previous year. There was also an increase of 8% on the 2018 figures.
Bridgend is on the rise
This is a significant return, and an indicator that the housing market in Bridgend has a lot to offer.
According to Rightmove, the Bridgend property market at the start of 2020 was shaping up as;
“Properties in Bridgend had an overall average price of £182,145 over the last year. The majority of sales in Bridgend during the last year were semi-detached properties, selling for an average price of £167,974. Detached properties sold for an average of £255,393, with terraced properties fetching £133,790.
Overall, sold prices in Bridgend over the last year were 5% up on the previous year and 9% up on the 2018 peak of £167,741.”
Wales is a great option for many people
Movewise chief executive Tom Scarborough said; “Considering the economic and social challenges we’ve faced this year, the UK property market has once again proved itself to be extremely resilient in the face of adversity. Undoubtedly, the stamp duty holiday introduced in July has helped fuel house price growth, turbo-charging the property market in the second half of the year. We have seen a buyer frenzy, as people look to take advantage of stamp duty savings up to £15,000. That, coupled with continued low stock in many areas, has put upward pressure on prices.”
Tom continued by saying; “However, the impact of lockdown has also seen a noticeable shift in where we want to live and what we want from our homes, and that has fuelled house price growth in towns beyond the commuter belt. With millions of people stuck at home during lockdown, having a garden became a life-saver. The desire to live in major cities with all the conveniences they afford was replaced by the need to have some outside space and a better quality of life.”
Tom concluded by saying; “Even after lockdown ended, many of us have re-evaluated what we want from our home-life. The need to be within a commutable distance to major cities such as London is longer so important. We expect this migration to continue through 2021 with more people making the decision to live further out from major urban areas, particularly as the working-from-home trend gathers momentum.”
At Hunters Bridgend, we are proud to play a part in supporting a thriving and friendly local community. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.