Rise in value of homes in East Sussex town second highest in country according to new data
New data on the value of homes in Britain has revealed the growth in Hastings over the last five years is the second highest in the country.
According to the research by Zoopla, 83 per cent of the homes in the local authority area of Hastings have seen values go above a national average rise of £49,257 over the past five years.
Monmouthshire in south Wales was the highest at 88 per cent of homes.
Demand in many parts of Sussex has led to an increase in housing values. Rother has seen 74 per cent of homes rise above the national average, Wealden 68 per cent, Lewes 67 per cent, Brighton 59 per cent, Eastbourne 55 per cent and Mid Sussex 46 per cent.
Gráinne Gilmore, head of research at Zoopla, said: "Demand in many parts of Sussex has led to an increase in the value of housing.
“This is due to its coastal location and proximity to London, while pockets like Hastings offer relative affordability compared to neighbouring areas."
The property website looked at the value of homes in 367 local authorities.
The figures are based on Zoopla’s Automated Valuation Model which carries out monthly valuations in order to accurately assess the value of all homes in Britain.
It revealed that 11.9 million homes increased in value by a national average of £49,257 or more over the past five years.
The total value of homes in Britain has risen by 20 per cent, £1.6tn, in the past five years, according to the data.
Zoopls states there has been a sharp acceleration in the total value over the past year in particular, driven by soaring demand for homes and the pandemic led search for space.
Sustained price growth in the housing market since 2016 has been underpinned by ultra low mortgage rates.
Over the last 18 months, increased demand and limited supply has put further upward pressure on prices while the pandemic has led to many re-evaluating what they want from a home.
Total home values in the South East have risen more than anywhere else in the past five years including London.
The value of homes in the South East has increased by £294bn compared to £214bn in the capital. However, while London only accounts for 13 per cent of British housing stock, it is responsible for a quarter of its total value.
The total value of homes in Britain currently stands at £9.2tn. The majority of this (£8.2bn) is held within 23.5 million privately-owned homes, while a further £1tn is held within five million social homes.
Gráinne Gilmore added: “The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated.
“The price and density of homes dictate where the largest concentrations of housing value are located.
“However, in some local authorities, more than two thirds of homes have risen by more than the average. To check the value of your home, visit MyHome at www.zoopla.co.uk or contact your local agent.
“Understanding the value of your home, and the equity you hold within the property, can help when it comes to making future plans.”