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TODAY'S OTHER NEWS

Rightmove says demand is rocketing in every region of the UK

Data from Rightmove shows that demand is up 61 per cent compared to the same period last year - and the portal attributes much of this to the stamp duty holiday.

The top performing regions are the South East and East of England, each up by more than 70 per cent, but across all regions the percentage growth in demand is outstripping the growth in new supply.

In terms of supply almost 94,000 new listings were brought to market across London, the South East and East of England between July 8 and August 16, which is over 31,000 more than the same period in 2019.

This latest data follows a Rightmove study from July which revealed that homes priced between £400,000 and £500,000 in the southern commuter belt have an increased chance of selling as this is where buyers are set to make the biggest savings thanks to the stamp duty holiday.

Commuter towns in the south east of England have seen the biggest annual rise in new listings: the top five areas, all in the traditional southern commuter belt, have seen the number of new properties coming to market double compared with the same six-week period in 2019.

Harlow in Essex is where new sellers have been most tempted to come to market, with the number of new listings up 121 per cent compared to the same time last year.

Hertford is up 113 per cent, Wickford up 105 per cent, St. Albans up precisely 100 per cent and East Grinstead up 98 per cent; they are all within a 70-minute train commute of Central London.

Rightmove’s property expert Miles Shipside says: “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it’s certainly sparked a home-moving frenzy across commuter towns in the south of England. 

“Thousands of sellers are being tempted to come to market in these areas for a number of reasons. Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday – particularly in the southern commuter belt – so now seems as good a time as any to press ahead with home-moving plans. 

“We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space. 

“Lastly, proximity to a station doesn’t seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life.”

Below is a table compiled by Rightmove showing regional demand changes since the introduction of the stamp duty holiday.

Region

Average asking price

New listings          (annual change)

Demand              (annual change)

Available stock             (annual change)

London

£629,261

+59%

+60%

-3%

South East

£417,987

+49%

+74%

-6%

East of England

£364,971

+45%

+72%

-8%

Scotland

£166,635

+39%

+63%

-24%

South West

£323,487

+34%

+70%

-10%

West Midlands

£243,260

+30%

+51%

-6%

Wales

£212,800

+24%

+61%

-11%

East Midlands

£241,749

+22%

+49%

-12%

Yorkshire and The Humber

£206,818

+19%

+53%

-19%

North West

£210,438

+12%

+51%

-18%

North East

£159,700

+7%

+55%

-25%

UK

£319,497

+34%

+61%

-11%

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