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Cowes Named Among Areas Of UK With Biggest Price Spikes In 2022

Cowes has been named among the areas of the UK which saw the biggest spike in average house prices in 2022.

Rightmove placed the Island seaport town in seventh place among British locations, with a house price increase of 20 per cent over the course of 12 months.

Asking prices for properties in Cowes rose from £307,065 in 2021 to £367,569 from December 2021 to December 2022.

Top of the list was the town of Eastwood — a former mining town in Nottinghamshire — which rose by 29 per cent to £231,381 in 2022, up from £179,194 in 2021.

The top ten in full:

  • Eastwood, Nottingham, +29%
  • Hulme, Greater Manchester, +26%
  • Sandbanks, Dorset, +22%
  • Heathfield, East Sussex, +21%
  • Chelston, Devon, +20%
  • St. Peters, Kent, +20%
  • Cowes, Isle of Wight, +20%
  • Little Lever, Manchester, +20%
  • Birchington, Kent, +19%
  • Deeping St. James, Cambridgeshire, +19%

Tim Bannister, of Rightmove, told the Daily Mail:

"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 Britain has risen by a staggering 20 per cent.

"To put that into context, asking prices rose just 3 per cent 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 per cent next year now that the frenetic period for the market is over."

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