A SOMERSET town has topped a list of ‘property hotspots’, with the highest increase in house prices.

The average house price in Chard has risen by a whopping 123% compared with the average in 2023, to £245,202 in 2024.

Data put together by online agent Rightmove put the town at the top of its list of hotspots, followed by Hilton in Derbyshire and Padgate in Cheshire (both with a 112% increase).

“Nationally, the number of sales being agreed is 13% higher than during the same period in 2023,” a Rightmove spokesperson said.

“Though there are some areas seeing a much higher percentage of homes selling, with four areas more than doubling the percentage of homes marked sold subject to contract compared to this time last year.

“The top area – Chard in Somerset – has an average house price considerably less than the regional average, which in the south west is £245,202, suggesting that some home-buyers are looking to more affordable areas against a backdrop of historically high mortgage rates, and continuing cost-of-living concerns.”

The full list of current sales hotspots is:
Chard, Somerset: +123%: £245,202
Hilton, Derbyshire: +112%: £287,201
Padgate, Cheshire: +112%: £228,518
Caerphilly: +104%: £248,696
Keynsham, Bristol: +97%: £377,392
Royton, Greater Manchester: +96%: £227,442
Cramlington, Northumberland: +94%: £194,352
Gerrards Cross, Buckinghamshire: +94%: £1,034,264
Armthorpe, South Yorkshire: +93%: £185,613
Seaham, County Durham: +92%: £158,645

Detached houses have seen the biggest jump in sales since 2023, the figures showed, increasing by 17%.

Rightmove property expert, Tim Bannister, said: “During the pandemic and into last year, there was very little availability of larger homes.

“With not much choice of property to move to, this deterred some larger-home sellers from coming to market. Last year, movers had to adjust from historic low mortgage rates to much higher levels.”

He added: “While some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted last year.

“Rates have come down from their peak while prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market.

“The increased choice is being met with more demand, resulting in higher numbers of sales.”