Revealed! The asking price hotspots of 2022

Agents in the North East recorded the largest increase in asking prices on listings last year, Rightmove has revealed.

It comes as Rightmove revealed the areas where asking prices rose by the most on average last year.

The portal named Eastwood in Nottinghamshire as 2022’s property price hotspot, with average asking prices in the area jumping by 29% compared with 2021.

The average price for a home in Eastwood was £231,381 in 2022, up from £179,194 in 2021.

Hulme in Greater Manchester is second on the list, where average asking prices rose by 26% from £188,454 to £238,249. 

The South East features the most price hotspots within the top 10, however the North East saw the biggest regional annual growth of 10.3% last year.

Overall, average asking prices were 5.6% higher across Great Britain at the end of 2022 than they were at the same time in 2021, Rightmove said.

The portal said it is predicting asking prices across Great Britain will drop by 2% after two and a half exceptional years during 2023.

It suggests prices will depend on the types of property available and the desirability and affordability of the exact location, “making it important for sellers to work with a good, local estate agent who knows every corner of the area.”

Rightmove said it isn’t anticipating an oversupply of available properties through forced sales.

It said: “There will likely be a period of readjustment for both buyers and sellers at the start of the year as the market settles into its pattern. 

“Buyer affordability is likely to be more stretched, however sellers may not be in a rush to drop prices if they don’t see much competition from other sellers in their area. 2023 may favour bold sellers who look to offset a lower offer on their current home by offering less on their onward purchase if they have made gains during the pandemic on their property and are willing to give some of these up.”

Tim Bannister, Rightmove’s property expert, added: “Property prices have risen exceptionally over the last three years. If we compare with December 2019, just before the pandemic started, the average asking price of a home in Great Britain has risen by a staggering 20%.

“To put that into context, asking prices rose just 3% in the previous three years, and we need to go all the way back to 2013 to see similar price growth. We expect average asking prices to drop by 2% next year now that the frenetic period for the market is over, and it is likely that some sellers, particularly those in locations and sectors of the market that have benefitted the most from pandemic price growth, may be willing to give up some of their gains in this calmer market in order to negotiate a successful sale.”