Chard in Somerset has emerged as Britain’s top housing market hotspot, with agreed sales in the area enjoying a significant boost.
House sales have increased by 123 per cent as home buyers race to the area to buy semi-detached properties.
The town has now been named England’s new property hotspot after a host of new houses were put up for sale.
Data released by Rightmove show the number of sales agreed in the area has more than doubled compared to this time last year.
Agreed house sales in Chard have doubled since last year
GETTY / PA
The average asking price is currently ÂŁ245,202, making it the most prominent property hotspot in the UK at present, according to the property website.
UK’s second property hotspot is Hilton in Derby, which is enjoying a 112 per cent increase in agreed house sales compared to this time last year.
Padgate in Warrington, where asking prices average at ÂŁ228,158, secured the third spot on the list after sales in the area saw a 112 per cent increase on the previous year.
Tim Bannister, property expert at Rightmove, has put the property boost down to falling interest rates, which is inciting owners of large properties to sell.
He said: “For a long period 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 deterrest some large-home sellers from coming to market. Last year, movers had to adjust from historic low mortgage rates to much higher levels.
“Whilst 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.”
The Bank of England is poised to reduce interest rates in 2024 after they rose sharply in 2022, and the first half of 2023.
Assuming that the interest rates are lowered, experts predict that the property market will enjoy a 10 per cent boost in activity.
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Experts are putting the property boost down to falling interest rates
PA
Activity across the housing market was higher in February, according to Zoopla data which confirmed a 15 per cent jump in agreed sales and an 11 per cent increase in buyer demand.
Why move to Somerset, Chard?
The historic village of Chard, which shares borders with Devon and Dorset, is a convenient gateway to the countryside and coastline.
The travel site Visit Somerset writes: “Chard nestles in a corner of South Somerset between Dorset and Devon.
“The town is surrounded by beautiful countryside and has a wealth of lovely places to visit for all the family, ideal for short or longer stays.”