Lewes has one of the highest rises in house prices in the United Kingdom since the Covid-19 pandemic began
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This price percentage change, according to a study by later life mortgage broker Responsible Life, is the seven highest in the United Kingdom.
With the house price boom rumoured to be nearly over, the sought after towns and cities where prices have risen by 25% since the pandemic began has been revealed by Responsible Life — showing 25 places where this has been the case.
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Hide AdThe study showed that that the average house price in the East Sussex town was £313,762 in March 2020, rising to £402,576 in April 2022.
Topping the list is Burnley in Lancashire where prices have grown 37.1% since the pandemic began in March 2020.
Merthyr Tydfil in south Wales (34.2%) and Bolsover in Derbyshire (32%) make up the rest of the top three.
While the UK housing market is still experiencing the strongest period of annual growth since the early 2000s, a cost of living crisis, interest rate hikes and rising borrowing costs have all led to speculation that the housing market will soon cool sharply.
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Hide AdNevertheless, many households will be sitting on tens of thousands of pounds of extra housing equity than they were pre-Covid. For a minority, in the most expensive areas, it will run to hundreds of thousands of pounds.
While this has stretched affordability for first-time buyers, it has broadened choices for those in later life.
Increases in housing equity reduce the LTVs of those entering retirement with traditional mortgages.
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Steve Wilkie, executive chairman of Responsible Life, said: “These housing markets have seen some thundering house price growth since the pandemic began.
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Hide Ad"The cost of living crisis is hurting people of all ages and the rally has stretched affordability to breaking point for younger buyers. However, for retirees, it’s a different story.
"Many homeowners approaching retirement, or already retired, are being offered some protection by the strength of their biggest asset.
“For those in later life lucky enough to have benefited to this degree, the boom will have provided some welcome headroom in retirement. In fact, fewer homeowners will end up needing a lifetime mortgage early in retirement or at all."