Location and value driving record property demand in Derbyshire town
Location, value and demand are driving Ilkeston to top spot in the East Midlands for property price growth according to one estate agent.
The Derbyshire town has been ranked 11th for price growth over the last year – with average prices rising 11 per cent from £153,868 in April 2020 to £170.857 12 months later – according to property website Rightmove.
It is the only East Midlands town in a top 20 dominated by the North-West, with Wallasey, Merseyside, in top spot with 15 per cent growth, and Leigh, Greater Manchester, in second, at 12.8 per cent.
He said: Private rents have rocketed, swaying more first-time buyers towards getting onto the property ladder.
“We’re finding families are helping their children out, just to get them on the ladder,” he said.
He also highlighted Ilkeston’s location – with a newly-opened railway station and close to Nottingham, Derby and the M1 – as ideal.
“The postition we have, between Nottingham and Derby, our commuting links are amazing,” he said.
“We’re smack in the middle, so prices are a bit cheaper than city centres, but it’s not that hard to commute.”
Investors looking north
And he said those cheaper prices were also driving demand, which has seen the agency he purchased last year take on more staff to cope.
“We’re finding so many investors, from the south and Birmingham, are looking up here,” he said.
“The property prices are comparitively cheaper than the rest of the UK.
“Prices have always been quite low, but people are noticing it’s quite a good town. There are a lot of new-build developments coming to the area.”
Tim Bannister, Rightmove’s property expert, tips the strong price growth to continue this year.
He said: “While the level of new properties coming up for sale is at a similar level to the long-term average, demand continues to massively exceed supply, especially in northern regions.
“Family homes with three bedrooms or more are like gold dust in many areas, especially in parts of the north.”