Rightmove reveals strongest seller and buyer markets

St. George in Bristol has been identified as the UK’s strongest sellers’ market.

Analysis by Rightmove found eight in ten homes listed for sale in the area so far this year have been labelled as Sold Subject to Contract (SSTC).

Bishopston, also in Bristol was second strongest and Heaton in Newcastle was third.

The rest of the top five was made up of other areas in Bristol, Horfield and Fishponds, with the city remaining popular with buyers this year and consistently being one of the most in-demand locations outside of London.

Knightsbridge in London is the strongest buyers’ market so far this year, according to Rightmove, with 18% of homes listed for sale being marked as SSTC. 

The top buyers’ markets are all in London, with Hendon (20%), Bayswater (20%), Southall (22%) and Maida Vale (22%) making up the rest of the top five. 

The strongest buyers’ market outside of London is Birmingham City Centre, where one in four homes have been marked SSTC this year.
  
The number of available properties for sale is currently 10% lower than at this time in 2019, Rightmvoe said.

A typical estate agent currently has 27 properties for sale on their books, up from 15 last year but lower than the 31 in 2019.

Tim Bannister, Rightmove’s property expert, said: “Market activity has been less buoyant than the pandemic years but the latest local snapshot of seller activity shows that in many areas of Great Britain the majority of homes that are listed for sale still successfully find a buyer. 

“Though faced with the challenge of rising mortgage rates, buyers that can afford to move will find they have more choice and may be more likely to find a home that suits their needs than during the pandemic.

“Agents report that sellers wanting to attract a buyer in the current market need to be realistic on price, with those who are willing to price most competitively being more likely to have their home marked SSTC.”

It comes as OnTheMarket’s (OTM) latest Property Sentiment Index for July showed buyer and seller confidence was relatively stable.
Around three quarters of UK buyers were confident that they’d purchase a property within the next three months in July while 63% of sellers were optimistic that they would sell over the same period.

The proportion of properties reaching SSTC within 30 days of first being listed for sale remained fairly consistent at 42% in July, OTM said,  compared with 43% in June. 

Jason Tebb, chief executive of OTM, added: “The major disruption that some predicted for the housing market this year has not materialised. Transaction figures are down slightly but nowhere near as low as some had forecast. Volatility has given way to a calmer, more stable period. 

“Those who put their homes on the market at inflated prices will struggle to sell but if sellers take the advice of an experienced local agent, there is no reason why they won’t transact, and in a timely manner.”

Seller's markets

Buyer's markets