Coventry declared a UK property ‘hotspot’

Coventry has been named one of the UK’s property ‘hotspots’ due to rapidly rising house prices.

The city made the cut in a list of Top UK Property Hotspots in 2018 so far – based on house price rises between the start of the year and September.

The list was based on Land Registry data.

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Coventry saw a 6.2% rise, with the average property price in the city jumping from £178,535 to £189,534.

Topping the UK hotspot list (outside London) were Glasgow and Edinburgh, which saw property prices soar by 9.1% and 9% respectively.

Property prices in Glasgow increased from £126,016 at the beginning of 2018 to £137,507 in September.

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Edinburgh saw average house prices rise from £242,807 to £264,745 during the same period.

For sale signs. File picture (Image: Yui Mok/PA Wire)
The biggest national increase was in Kensington and Chelsea in London, which saw property prices shoot up by 10.1%.

The research was compiled by online estate agents Housesimple.com.

Housesimple analysed Land Registry data, looking at average house price growth in more than 100 major UK towns and cities since the start of 2018 to September 2018, which are the latest figures recorded by the Land Registry.

Newport, in Wales, completed the top three, with house prices up on average 8.6% in 2018. The city in south west Wales has seen a mini property boom since it was announced late last year that the tolls on the Severn Bridge would be scrapped this month.

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The top property hotspot in England was Wolverhampton in the West Midlands, with average house prices up 7.9% in 2018, followed by Salford, in the north west, which has seen house prices rise 7.4% this year.

Elsewhere in the Midlands Leicester saw a 7.4% rise from £162,827 to £174,825.

Across the UK, average house prices have risen 3.6% in 2018, from £224,502 to £232,554. While, in London, despite price growth slowing across the capital in recent months, there are a number of boroughs that have still seen positive growth in 2018.

Property ‘not-spots’ across the UK include Watford, where house prices have slumped 9% since the start of 2018, and the borough of the City of Westminster, where average prices were down 9.7% this year.