House prices surge in Welsh town ranked among top commuter hotspots

Nation.Cymru staff/agencies

A south Wales town has been named among Britain’s fastest-rising commuter property hotspots, with average asking prices increasing by almost 8% in a year.

Port Talbot recorded annual asking price growth of 7.7% in July, putting it fifth in a ranking compiled by property website Rightmove of commuter locations around six major British cities.

The average asking price in the town was £176,787, making it considerably cheaper than Cardiff, where the average stood at £285,596 after rising by 1.4% over the same period.

Two other Welsh locations also featured among the 15 commuter areas recording the strongest growth.

Average asking prices in Barry rose by 5.2% over the year to £261,859, while Penarth recorded a 4.7% increase to £432,414.

But the picture was different in Caerphilly, where asking prices fell by 1.2% to an average of £251,142.

Rightmove analysed annual changes in average asking prices during July in commuter locations around Cardiff, London, Manchester, Glasgow, Birmingham and Bristol.

Its research found some of the strongest increases were in relatively affordable areas around major cities.

Of the locations included in the research, only Falkirk, Rochdale, Broxbourne and St Helens recorded stronger annual growth than Port Talbot.

Falkirk recorded the biggest increase, with average asking prices rising by 13.5% to £183,596.

Rochdale followed with growth of 8.7% to £238,115, while prices increased by 8.1% in Broxbourne in Hertfordshire to £654,263 and by 7.8% in St Helens to £192,570.

Rightmove said asking price growth had generally been more subdued within the six cities themselves than in many of their surrounding commuter areas.

Cardiff’s 1.4% increase compared with rises of 2.9% in Glasgow and 1.8% in Manchester.

Average asking prices fell by 0.6% in both Birmingham and Bristol and by 3.1% in London.

Contrast

Across Britain, Rightmove found some of the strongest increases in more affordable commuter locations around Glasgow and Manchester.

Other areas in the top 15 included Wishaw, where prices increased by 7%, Wigan at 6.2% and Stalybridge at 5.6%.

Greenock and Hamilton both recorded increases of 5.3%, while Wolverhampton was up 5.2%, East Kilbride by 5.1% and Dumbarton by 5%.

Rightmove said the figures showed a contrast between some relatively affordable commuter areas and more expensive locations in southern England.

Property expert Colleen Babcock said: “Our data highlights two very different stories playing out across some of Britain’s commuter markets.

“In the more affordable locations around Glasgow and Manchester, asking prices are rising strongly as buyers look for value within reach of major cities.

“Meanwhile, some of the more expensive commuter hotspots are seeing prices ease, which could create opportunities for buyers who may previously have been priced out.

“For anyone considering a move, it’s a reminder that looking a little further beyond the main city locations can often open up more options and better value for money.”

Price falls

At the other end of the table, Haywards Heath in West Sussex recorded the largest annual decline, with average asking prices falling by 4.8% to £461,066.

Prices in Maidenhead fell by 3.9% to £571,686, while Bath recorded a 3.8% drop to £508,109.

Leamington Spa was down 3.3% and Reading by 2.9%, while falls were also recorded in Billericay, Yate, Slough, Chelmsford, Basingstoke, Woking, Tonbridge, Redhill and Brentwood.

Caerphilly was the only Welsh location to feature among the 15 biggest falls, with its 1.2% decline putting the average asking price at £251,142.

The figures come as property professionals report continued changes in where people choose to live following the pandemic.

National Association of Estate Agents Propertymark president Ian Harris said: “Since the pandemic, we’ve seen an initial reformatting of what many people want and need from the location they choose to live in.

“Initially, we saw many people embrace the concept of working from home and enjoying a lifestyle away from the traditional city commute.

“However, this is now a trend that is starting to swing back, with many people looking for a hybrid location that offers easy commuter access to key cities, while also providing a desirable mix of out-of-city amenities.”

Rightmove’s research covered selected commuter locations surrounding the six cities rather than every commuter area in Britain.

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