In the heart of Surrey, Leatherhead, Oxshott, and Fetcham have been crowned the property hotspots of the year. The KT22 postcode area, encompassing Leatherhead, has witnessed an unparalleled price rise, with the average home now fetching £977,589, up a staggering 15.3% from £847,520 in the previous year. This leap represents the largest percentage increase in the region, highlighting Surrey’s appeal to homebuyers.

Close on its heels, Dorking (RH4) and Ashtead (KT21) have also seen significant gains. Dorking’s average home price soared to £605,662, marking a 14.9% increase, while Ashtead homes climbed to an average of £807,001, up by 14.5%. These areas have outpaced the national trend, showcasing the growing demand for properties in Surrey’s serene settings.

National Trends

While Surrey shines, the national picture tells a story of decline, with the average home price in England and Wales falling by 1.8%, a loss of over £6,500 per property. The overall average dipped to £361,594, down from £368,101, reflecting a challenging year for many regions.

London’s luxury locales have felt the brunt of this downturn. Marylebone (W1H) experienced the sharpest drop, with average prices plummeting by 37.3% to £1.43 million from a lofty £2.28 million. Wapping (E1W) and Belgravia (SW1W) were not far behind, enduring declines of 37.2% and 31.5%, respectively, underscoring the volatility at the high end of the market.

Beyond the Capital

It’s not just London that’s seen shifting sands; the TS27 area near Hartlepool and Knottingley in West Yorkshire have also navigated significant changes. Knottingley emerged as a national hotspot, with property prices jumping by 34.8% to an average of £242,335, the largest increase across the UK.

Wincanton (BA9), along with other areas like PO17 and BH5, followed suit, showcasing the varied performance of the property market across different regions.