Property prices in most of the UK cities and towns have been rising. In a recent data, it has been shown that since March 2022, house prices in England have risen by 0.8%. The annual change in property prices, according to the UK government, ranges from 7.9% -11.9%, with the average house price as of April 2022 being £529,829.
This has been caused by the impacts of the Covid pandemic on the UK economy. If you are looking forward to buying property in the UK, you should not look any further than Southampton. Over the last year, the property prices had an overall average of £268,167.
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In Southampton, most properties sold last year were flats for an average price of £169,814. According to Rightmove, terraced properties were selling at an average price of £256,427, semi-detached sold for £303,653. Overall, the sold property prices in 2021and early 2022 were almost similar. The property prices went up by 8% on the 2019 peak of £247,449.
Property prices
Between January and March 2022, the average property prices in Southampton went up by 1% and by 54% compared to the average prices a decade ago.
Southampton’s population is approximately 260,000, making it a hotbed of economic growth and real estate development in the UK. The demand for houses and rentals in Southampton keeps rising, which makes it one of the most popular markets in the UK.
Southampton is one of the best places to buy property because of its proximity to the capital city. The waterfront location also makes the city ideal for tourists and yachters. The high demand for houses in Southampton has resulted in increasing house prices.
If you plan to buy property in Southampton in 2023, you should take advantage of the anticipated prices. The average price for an apartment in Southampton has reached an average of £325,000. As the population of this area keeps rising, the property price is expected to increase. With a high population comes a high demand for rental property.
Student rental
Another reason to invest in property in Southampton is the high student rental demand. Southampton has one of the most significant student populations in the country relative to its population size. There are over 18000 students from Southampton Solent University and 2500 more from the University of Southampton.
The high-quality schools and vibrant Southampton community drive most young people to the city. Most people are moving to Southampton to work and study. This means that the student rental demand is expected to rise even further in the coming years.
Where to buy property in Southampton
Are you looking forward to buying property in Southampton and wondering where to place your money?
There are many locations in Southampton where you can buy a property and climb the property ladder. Here we look at some of the best places to buy property in this city:
- Ocean Village
- St. Mary’s
- Northam
- Shirley
- Totton
- Millbrook
When buying property in the UK and Southampton, you should get a local Southampton property solicitor to take you through the process. The process of buying property in the UK is a bit lengthy and tedious, with a lot of paperwork involved. You need a conveyancer to take you through the legal process and save you time.
Final Thoughts
Southampton is a rising city with a lot of investment opportunities. The increasing population and student rental demand are the reasons why you should invest in property prices. Whether you are looking for terraced or semi-detached property, you need the insight shared here. Make that decision to buy property in Southampton and climb the property ladder.
