The Strongest Buyers’ and Sellers’ Markets Unveiled
15th November 2021
15th November 2021
Coastal areas such as Gosport, Hythe and Bognor Regis have made it to into the top 10 seller market. More and more buyers are becoming more tempted to move as a result of the appeal of the seaside.
The top buyer market right now is located in Chelsea, London according to a new study. Around just one in ten properties for sale marked as sold subject to contract.
In fact, eight in every ten houses up for sale for £250,000 and below across Great Britain are sold subject to contract. Comparing to apartments that are worth £1m or more, only 14% are sold subject to contract.
In Great Britain, available stock for sale remains low with only 15 properties available per agent on average. However, there are encouraging signs that the next few months might start to see an increase in available properties. Since October 2020, the number of home owners who are asking agents through Rightmove to value their home has increased by 14%.
Tim Bannister, Director of Property Data at Rightmove said: “Sellers have had a better chance this year than at any time over the past decade of finding a buyer for their home, and new properties coming up for sale haven’t been able to keep pace with buyers who have been snapping them up.
“Our study shows that in some of the strongest areas the shelves are almost bare, with a clear need for more homeowners to consider making 2022 their year to move to help with buyer choice locally. The good news is that there’s been a jump in the number of people who want to find out what their home is worth and are contacting agents to have their home valued, with many perhaps getting in early to be ready for the New Year buyer rush.
“Over the past year the higher price brackets have been performing strongly, helped by the temporary stamp duty exemption threshold increasing to £500,000, but the tapering until the end of September has helped the mass market of £250,000 and below emerge as the strongest market more recently.
“The race for space is still a critical need for many, but smaller homes are now coming back into the most competitive property types, which is helping to sustain demand in the lower priced brackets.”