Sunbury-on-Thames, a commuter’s paradise with a booming property market, has seen the biggest house price rise in the UK in 2024, with the average asking price increasing by 12.5% to £592,976.
Sunbury-on-Thames Sees Biggest House Price Rise in UK in 2024
A Commuter’s Paradise with a Booming Property Market
Sunbury-on-Thames, a popular town for London commuters, has seen the biggest house price rise in the UK in 2024. According to Rightmove, the average asking price in Surrey increased by 12.5% last year, from £527,005 to £592,976.
Regional Hotspots
The town’s popularity with commuters, combined with its proximity to Waterloo station and the recently expanded Shepperton Studios, has made it a hotspot for property buyers. Bristol City Centre and Swinton in Greater Manchester were the second and third most popular areas on Rightmove’s list, both recording a 9% increase in asking prices.
National Trends
Across Great Britain as a whole, the average asking price rose by just 1.4% over the year, while in London it dropped by 0.8%. However, other price indices have shown stronger growth than that. Nationwide building society reported a 4.7% increase in UK prices in the 12 months to December, and the Office for National Statistics said the annual rate of growth stood at 3.3% in November.
Economic Uncertainty
Mortgage expert Karen Noye warned that economic uncertainty will temper demand, particularly among first-time buyers. The recent turmoil in bond markets has put upward pressure on mortgage rates, making it more challenging for buyers to secure loans.
Market Outlook
In the short term, changes to stamp duty thresholds at the start of April may prompt some buyers to bring forward plans to move. However, estate agents are reporting an increase in both new buyer inquiries and homes coming onto the market, suggesting that the bounce in supply is potentially due to these changes.
The Royal Institution of Chartered Surveyors (Rics) recently reported an upward trend in sales in December, with some regions experiencing stronger price growth than others. Rightmove predicts that asking prices will rise by 4% this year and that the number of sales will increase to 1.15m.
- theguardian.com | Sunbury on Thames sees biggest house price rise in UK in 2024
