The last year has been tough for the housing market. Barclays Mortgage Postcode Property Index has revealed the postcodes that have weathered the storm the best with the fastest house price growth.
Related: Why sellers should put the house on the market now – before it's too late says expert
It is great news for Oldham, in the North West. The postcode OL8 saw the fastest house price growth in the UK according to Barclays Mortgage.
Barclays Mortgage postcode property index
House prices in the postcode saw a 5.7 per cent increase in house prices over the last year. The average house price has risen from £167,766 to £174,835. Barclays Mortgage has attributed the boosted house prices to Brit's look to move to more rural areas as a result of lockdown.
Oldham is the perfect midpoint, with easy transport links to Manchester and close proximity to the Peak District. House prices in this area are now 1.2 per cent higher than the rest of Manchester.
Wolverhampton, famous as the setting for the new Prime film 'How to Build a Girl', saw the second-fastest house price growth. House prices in the WV2 postcode rose by 4.5 per cent, to an average of £168,225 in August 2020. This was 1.6 per cent more than the rest of the city.
The L4 postcode in Anfield, Liverpool saw a similar jump in house prices growing by 4.4 per cent in the last twelve months. This is 1 per cent more than the rest of Liverpool.
CF3 postcode in Cardiff, Wales saw the fourth fastest house price growth. The value of properties in the postcode increased by 3.9 per cent, compared to 3.2 per cent in Cardiff. With average house prices sitting slightly lower than in the rest of Cardiff, this is the perfect place to pick up a good investment.
'WV2 (Wolverhampton), L4 (Anfield, Liverpool) and CF3 (outer districts of Cardiff) have all seen a vast amount of redevelopment and new homes being built in recent years,' explains Lee Chiswell, Director of Barclays Mortgages.
'While new homes and redevelopments may be a draw for some, residents of Cardiff have also benefitted from a cheaper commute to England’s South-West since the Severn Bridge toll was scrapped in December 2018.'
Related: Good news! Nationwide reveals UK house prices are at an all time high
'We understand that the pandemic added fresh challenges to the process of buying and selling property. We hope the Postcode Property index will help inform those looking to move. To help them better understand the regional price fluctuations in their local area.'
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