All regions of the UK remain in a seller’s market as the traditional spring selling season begins for agents.
Housing market consultancy TheAdvisory has analysed the number of sold subject to contract and under offer properties as a percentage of total stock for sale, to determine where there is a buyer or seller’s market.
This is then translated into a weather forecast or Propcast, which shows whether a market is hot or cold.
Buyer demand is the strongest in the south west, with a market heat temperature of 71°, meaning means 71% of homes for sale are under offer or subject to contract. London is the coolest at 40°.
All counties are also hot, with Bristol the most sought-after at a balmy 80.
You have to drill down into postcode districts to find a buyer’s market currently.
The research found 97% of postcode districts in England are in a hot sellers’ market.
The top locations are L11 (Liverpool) at 89°, followed by BS15 (Bristol), BH7 (Bournemouth), WV12 (Willenhall) and BS13 (Bristol) at 87°.
The 3% in a cold buyer’s market include London and Liverpool, with EC2 the coolest at 11°.
For Wales, the percentage ratios are the same, with SA39 (Pencader) leading the way at 86° whilst LL38 (Fairbourne) is the coolest with just 18% of homes for sale under offer or subject to contract.
Gavin Brazg, creator of PropCast and founder of TheAdvisory, says: “We kick start the second quarter of 2022 reporting that buyer demand is still going strong despite Covid uncertainty and a rise in energy bills and petrol prices.
“Current demand levels in England and Wales are substantially higher than March 2020 when the pandemic began – up 92% for England) and 103% for Wales, signalling very hot sellers’ markets for each.
“For those selling in a cold market, sellers need to expect four things. Homes are hard to sell, buyers are thin on the ground, buyers are sensitive to price and property condition, and buyers have the upper hand.
“The key insight to keep in mind is that although more challenging to sell in a cold market, there are buyers are out there, they’re just not willing to pay the prices some sellers are asking.
“Overpriced homes will simply fail to sell. Those that are attractively priced will always make the best impression, generate the most interest, get the early offers and be most likely to sell, and quickly.”
But he has a note of caution for those selling in a hot market.
He says: “In a seller’s market, buyers are less sensitive to price, but they are still careful. Intelligent and strategic pricing will make sure you create maximum demand for your home and achieve the best price.”