Sunbury-on-Thames saw the biggest house price rise in UK in 2024. The Surrey town saw a 12.5 per cent increase in asking prices last year with rest of UK rising just 1.4 per cent, according to Rightmove’s data, which was released on Thursday (January 16).
Second on Rightmove’s list were Bristol City Centre and Swinton in Greater Manchester, which both recorded a 9% leap in asking prices. In Bristol, this took the average to £391,042, while in Swinton – which is part of Salford – the average hit £264,081.
Sunbury recorded the biggest rise in asking prices in Great Britain last year, registering a 12.5% leap in the average, from £527,005 to £592,976 – a rise of £65,971. Karen Noye, mortgage expert at wealth management company Quilter, said: “This uncertainty will be compounded by the recent turmoil in the bond markets putting upward pressure on mortgage rates.
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“This dynamic is likely tempering demand, particularly among first-time buyers already stretched by rising living costs and tighter lending criteria.” Rightmove’s chief data officer, Steve Pimblett, said: “Agents tell us that good quality homes in popular areas have continued to attract buyer interest, even in the slower periods of the market since mortgage rates went up.
“We predict that this year will be busier for the market in terms of price increases and sales, particularly if mortgage rates reduce.” Mr Pimblette said: “Despite a slow year for price growth overall, there will always be pockets of Great Britain which perform above the average, and 2024’s list of hotspots is a mixed picture, with the North, South, Scotland and Wales all represented in the top 10.”
Looking ahead to 2025, Rightmove predicts that average prices will rise by 4% on average across Great Britain by the end of this year. Rightmove also anticipates that there will be more transactions in 2025, around 1.15 million, and wider trends predicted include a beginning of the resurgence in London prices after being the weakest performer of last year.