Bury St Edmunds named in UK top ten list of property hotspots
Bury St Edmunds has been named as one of the UK's top property hotspots.
According to new research, Huntingdon, Cambridgeshire, had the highest rate of property purchases during 2020, followed by Pontefract, West Yorkshire and Great Yarmouth, Norfolk.
Mortgage platform Haysto analysed Government data to work out the figures - with Bury St Edmunds coming in eighth for house sales during the year.
The rankings are based on the number of house purchases per 10,000 people in the area's population, with the company saying the data illustrates a trend of people shunning cities for a quieter life.
They say despite early reports during the coronavirus outbreak predicting that the housing market would crash - it did the opposite.
By October, mortgage approvals were at a 13-year high and November saw 124,800 transactions completed nationwide - 18,000 more than the five-year average.
Small towns saw most property purchases relative to their population last year.
The lowest number of purchases in the country were in Portsmouth, followed by the Wirral.
Haysto said buyers have moved further away from bigger cities in the past year.
Many have worked from home for long periods and felt that they may not return to a daily commute after the pandemic.
Other factors, such as more space and gardens, which are harder to find and less affordable in urban areas, also figured on buyers’ wish lists.
Many are keen on fewer crowds and a quieter life.
According to sales site, Rightmove: properties around Bury St Edmunds had an overall average price of £315,982 over the last year.
The majority of sales were detached properties, selling for an average price of £429,401.
Semi-detached properties sold for an average of £264,284, with terraced properties fetching £227,226.
Overall, prices around Bury St. Edmunds for properties sold over the last year, were 7 per cent up on the previous year, and 3 per cent up on the 2018 peak of £306,641.
Portsmouth had the least sales last year, followed by the Wirral, Luton, Watford and Birmingham.
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.
Paul Coss, Co-Founder and 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.
“Next month lenders are due to launch new mortgage deals with more flexible lending criteria to encourage more people to move home.
"It’s much-needed to support those who’ve been impacted by Covid-19 such as furloughed staff, self-employed, or people who’ve seen their credit affected by financial struggles.”