The Greater Manchester area named one of UK's property hotspots as house prices soar

New data from Rightmove has revealed the UK's property hotspots, with one Greater Manchester area featuring on the list. The latest data from the UK's biggest property site has highlighted 10 areas where house prices have risen over the course of the last year.

Across the UK, average asking prices at the end of 2023 were 1.1 per cent lower than at the same time in the previous year. But with Great Britain being made up of thousands of different local markets, with varied levels of supply and demand, some parts of the country saw house prices soar.

These areas, where property prices are increasing much more than the national average, often indicate that the area is high in demand with house hunters. Rightmove revealed that Manchester's inner city area of Hulme came in at second place on the list for the second year running.

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The average price of a home in Hulme rose by 16 percent over the last year, with houses now costing around £275,886 - up from £238,249 in 2022 and £188,454 in 2021. Once home to the famous Crescent flats, the residential area is popular with students, young professionals and families alike and has been repeatedly redeveloped in recent years.

According to Rightmove, the majority of sales in the area over the last year were flats, selling for an average price of £177,487. Terraced properties sold for an average of £231,616, with semi-detached properties fetching £232,500.

Tim Bannister, Rightmove’s property expert said: “Even in the more muted market of 2023, many areas across Great Britain saw an increase in asking prices