The property Hotspots where New Lockdown Restrictions Could Push up House Prices

Increasing lockdown restrictions presents the property market with a paradox.  On the one hand, putting pressure on the economy, incomes and job security will inevitably prove a threat to job security and inevitably prove a threat to house prices and market activity.

On the other, a return to working from home, closing amenities, and restrictions on personal freedoms reinforce all of the reasons why so many people are rushing to move home.

When Boris Johnson announced new restrictions on September 22, demand in five local authorities jumped by more than 50pc week-on-week, according to exclusive data from property website Zoopla, which measures searches and inquiries on homes.

Here, we take a look at the places where house prices could rise as the country heads towards a winter of stronger measures.

Wales

In the week to September 27, buyer demand in Ceredigion on the west coast of Wales jumped by 80.9pc compared to the previous seven days, according to Zoopla, which was the largest jump in Britain. Neighbouring Pembrokeshire recorded a rise of 51.2pc.

Daniel Rees, of Savills estate agents, said 80pc of his buyers in West Wales are people wanting to move there from England, up from just over 50pc last year.

Carol Peett, of West Wales Property Finders, a buying agent, said: “There is a complete buying frenzy; sometimes there are 50 viewings for one property”

For one house in Pembrokeshire, a sale was agreed at £30,000 above the £340,000 asking price before another buyer gazumped it last week, said Ms Peett.

“All of our buyers are saying ‘I just want to escape’,” she added. Many are moving from London and the South East, but also from more rural areas such as Devon and Hertfordshire, chasing value for money.