Anayysis of 750,000 properties reveals demand hotspots
Analysis by Jackson-Stops & Staff of over 750,000 properties that are for sale in the UK (over 90 per cent of the UK total) reveals demand hotspots where properties continue to be quickly snapped up, regardless of economic conditions.
The South East of England (excluding London) is the hottest regional hotspot in the UK
7.5% of privately owned properties are on the market, nearly double the 4.4% average for the UK
52.7% of properties presently on the market are already under offer indicating high levels of demand across the region (UK average is 40.9%)
An average of 20 buyers are chasing every property for sale in the South East (UK average is 14)
This region, which has seen an 11% rise in house prices over the last 12 months, and 6% in the last six months, is anticipated to see the strongest house price growth over the next 6 months with the laws of supply and demand holding regardless of whether the UK is in or out of Europe.
East Anglia is the second hottest region, where 52.2% of properties on the market are under offer
At the other end of the spectrum, where levels of demand are relatively low, are the regions of Northern Ireland, North East, Wales and the North West. All of these regions have less than a third (33%) of the properties under offer. In these regions only an average of 6 buyers exist for every property for sale.
Bristol is the City seeing the highest demand for homes among buyers. Over two thirds (67.0%) of properties on the market are under offer. Based on how quickly properties are being snapped up in this major conurbation, Bristol could also see some of the highest house price growth in the coming months.
Northampton, in the East Midlands, is the second highest city hotspot, with 66.7% of properties on the market listed as being under offer.
Nick Leeming (left), Chairman of Jackson-Stops & Staff said, “Our unique analysis of over 90% of the nation’s market, shows which areas, cities and towns of the UK have the largest number of properties being snapped up by buyers. Buyer hotspots like Bristol and Northampton have two thirds of their ‘for sale’ properties already under offer, which could indicate future house price growth.
“Other hotspots like Bury St Edmunds, Chelmsford, Winchester and Ipswich all have over 60% of their properties on the market under offer. In these hotspot areas an average of 21 buyers chase every property on the market.
“The laws of demand and supply will continue to prevail and the demand built up in these hotspot regions and cities will not suddenly disappear post June 23rd.”