x
By using this website, you agree to our use of cookies to enhance your experience.
Graham Awards

TODAY'S OTHER NEWS

Revealed - the strongest buyers’ and sellers’ markets right now

Rightmove has revealed the strongest markets for sellers and buyers this autumn. 

Grays in Essex has topped the list of the strongest seller markets this Autumn, with more than eight out of every 10 properties for sale on Rightmove already sold subject to contract 

Chelsea in London is the top buyer market right now, with around just one in every 10 properties for sale marked as SSTC.

Advertisement

Available stock for sale across much of the country remains at historic lows due to strong buyer demand, however there are signs things are improving with the number of homeowners asking agents to value their property up by 14 per cent year-on-year

Strong buyer demand has led to the autumn market seeing two out of every three homes on Rightmove across Britain marked SSTC, compared to around one in two homes marked SSTC this time last year.

The mass market of houses priced at £250,000 or below is performing strongest, with eight out of 10 homes in this price bracket marked SSTC.

Although out of most buyers’ budgets, the high-end flats market is the best place to negotiate on price. Just 14 per cent of flats for sale at £1m or more are SSTC, and one in five flats in the £750,000 to £1m price bracket.

Seven out of the top 10 buyer markets are all in London, with the two-speed market of inner and outer London once again emerging as a trend.

In Chelsea one in 10 properties are SSTC, compared to outer areas of London like Bexleyheath, where eight in 10 homes are SSTC. Rightmove says it’s a common trait in the high end London market that homes tend to stay up for sale for longer until a buyer gets an offer close to their desired price.

Stock is at a historic low of 15 properties per agent across Great Britain, but the portal believes there are encouraging signs that the next few months might start to see some stock being replenished. The number of homeowners who are asking agents via Rightmove to come out and value their homes has jumped up by 14 per cent compared to October 2020.

The portal’s director of property data Tim Bannister says: “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.”

Strongest seller markets

Area

% of homes Sold Subject to Contract (SSTC)

% of homes available

Average asking price

Annual price growth

Grays

84%

16%

£345,415

+7%

Mangotsfield

84%

16%

£335,598

+12%

Eastleigh

83%

17%

£365,196

+7%

Redditch

83%

17%

£242,886

+7%

Yeovil

82%

18%

£225,763

+7%

Hythe

82%

18%

£423,938

+13%

Gosport

82%

18%

£246,103

+6%

Corby

82%

18%

£221,285

+10%

Fareham

82%

18%

£358,440

+10%

Bognor Regis

81%

19%

£341,731

+11%

Top buyer markets

Area

% of homes Sold Subject to Contract

% of homes available

Average asking price

Annual price growth

Birmingham city centre

21%

79%

£215,043

-3%

Finsbury

19%

81%

£831,263

-1%

Maida Vale

18%

82%

£1,284,488

+3%

Liverpool city centre

18%

82%

£165,515

+3%

Kensington

17%

83%

£2,109,242

+6%

Stockwell

17%

83%

£865,964

+8%

Victoria

16%

84%

£1,210,299

-1%

Bayswater

14%

86%

£1,199,953

+1%

Aberdeen

14%

86%

£169,382 

+5% 

Chelsea

13%

87%

£1,895,593

+6%

Markets by price band

Price band

Property type

% of homes Sold Subject to Contract

% of homes available

£250,000 and under

House

79%

21%

£250,001-500,000

House

73%

27%

£500,001-£750,000

House

63%

37%

£750,001-£1 million

House

61%

39%

£250,000 and under

Flat

61%

39%

£1 million plus

House

50%

50%

£250,001-500,000

Flat

46%

54%

£500,001-£750,000

Flat

30%

70%

£750,001-£1 million

Flat

23%

77%

£1 million-plus

Flat

14%

86%

  • icon

    'The number of homeowners who are asking agents via Rightmove to come out and value their homes has jumped up by 14 per cent compared to October 2020'.

    They can't know this of course, the only thing they do is deliver valuation 'leads' which it looks like are up on last year.

icon

Please login to comment

HBB Solutions HBB Solutions HBB Solutions
sign up