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HOUSE PRICES ROCKET BY UP TO £40,000 IN 25 UK AREAS POST PANDEMIC - FULL LIST


HOUSE PRICES HAVE RISEN BY AN EXTORTIONATE 25 - OR MORE - PERCENT IN SOME PARTS
OF THE COUNTRY SINCE THE START OF THE PANDEMIC. WHICH AREAS HAVE BEEN AFFECTED
THE MOST?

By Anna Barry
15:47, Wed, Jul 20, 2022 | UPDATED: 15:47, Wed, Jul 20, 2022
1 Link copied


MARTIN ROBERTS DISCUSSES THE RISE IN HOUSE PRICES


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Since the pandemic hit in March 2020, 25 towns and cities in the UK have
rocketed in price by one quarter. Later life mortgage broker Responsible Life
shared which UK destinations have become more expensive post-Covid.


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House prices in Burnley, Lancashire, have increased by a huge 37 percent between
March 2020 and April 2022.



In March 2020, the average house price was £86,747, and in April 2022, £118,901.

The second biggest increase was in Merthyr Tydfil, south Wales, from £109,824 to
£147,341, a 34.2 percent increase.

Houses in Bolsover, Derbyshire, increased by 32 percent over the course of the
pandemic in the third greatest increase, from £128,431 to £169,572.



READ MORE: Amazon plans to price matches Tesco on grocery items



House prices rocket by 25 percent in 25 UK areas post pandemic - full list
(Image: Responsible Life)

In just two years, Burnley homes went up by a staggering £32,154.

This meant that prices increased by £37,517. (Merthyr Tydfil)

In Bolsover, this meant an average increase of £41,141.

Of the 25 areas, Salford's house pricing surge was the least drastic at 25.2
percent, from £170,128 to £213,065.

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Only three of the 25 towns and cities are in the Spouth.

These are Bath, Lewes and Torquay, which offer a sought after mix of town and
country living.

Steve Wilkie, Executive Chairman of Responsible Life, spoke about the findings.

He said: "These housing markets have seen some thundering house price growth
since the pandemic began."

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25 towns and cities where house prices have risen 25 percent since the start of
the pandemic (Image: EXPRESS)


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However, while many have suffered due to this, one particular group is
benefitting financially from increased house prices.

"The cost of living crisis is hurting people of all ages and the rally has
stretched affordability to breaking point for younger buyers.

"However, for retirees, it’s a different story.

"Many homeowners approaching retirement, or already retired, are being offered
some protection by the strength of their biggest asset."




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He continued: "For those in later life lucky enough to have benefited to this
degree, the boom will have provided some welcome headroom in retirement.

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"In fact, fewer homeowners will end up needing a lifetime mortgage early in
retirement or at all.

"Retirement Interest Only Mortgages (RIOMs) are another way of paying off
traditional home loans but passing affordability tests has been challenging in
the past due to rules surrounding sole survivor income.

"Shrinking LTVs will have made them accessible to many more homeowners, while
others will have much greater scope to borrow against the wealth locked up in
their home.”


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