Hastings house prices rise at one of fastest rates in country

House prices in Hastings are growing at one of the fastest rates in the country, according to Zoopla’s House Price Index.

Tuesday, 29th June 2021, 10:31 am

It said this month data revealed that property prices in the town are growing at a rate of 8.2 per cent, the third fastest in the country.

This is in comparison to the national annual house price growth figure of 4.7 per cent, Zoopla’s data said.

Nationally, according to Zoopla’s data, buyer demand eased in the run-up to the ending of the initial stamp duty holiday, but demand continues to run 55 per cent above levels recorded in 2019.

House prices in Hastings are growing at one of the fastest rates in the country. Picture via PA
House prices in Hastings are growing at one of the fastest rates in the country. Picture via PA

Supply also remains down nationally, with total stock of homes available to buy running 24 per cent below average levels last year.

The largest share of demand is for properties up to £250,000.

Time to sell has almost halved, falling from an average of 42 days in the ‘normal’ market of May 2019 to 22 days in May this year, Zoopla said.

Kate Eales, head of regional agency at Strutt & Parker, said: “Time to sell has roughly halved since 2019 despite the stamp duty holiday extension coming to an end.

“In the past, properties that may have taken weeks to go under offer are now taking just days and we are seeing, in some of the hottest markets, properties going to best and final offers.

“However it will be interesting to see whether these top performing regions continue in their growth, as they historically have lower average house prices compared to other regions and, as such, are likely to be driven by the stamp duty holiday.

“Despite the Stamp Duty holiday coming to an end, lifestyle changes during the past year are still a driving force in the market, and might outweigh the additional cost for many.”