Most in-demand UK property hotspot revealed as housing market slows in cities
Written by Hitmix News on 15 April 2021
Newquay has the most in-demand property market in the UK right now, according to data from a property website.
The Cornish town has been named the hottest sellers’ market, with 82% of all properties put up for sale this year already sold, according to figures from Rightmove.
It is followed by Newton-Le-Willows in Merseyside, where 81.8% of properties have sold, and Plymstock in Devon where 81.2% have sold.
Newquay agent Bradley Start, partner at Start & Co Estate, said the area is seeing the worst property shortage for 30 years as out-of-town buyers fuel a demand for housing.
Image: Property in the coastal Cornish town of Newquay is being snapped up
He said: “The stock shortage is the worst I’ve seen in thirty years and there’s just seemingly endless demand.
“It’s a mix of locals moving, people buying holiday homes and those relocating completely, which is leading to more out-of-town buyers than we would normally see.”
Asking prices in the top 10 seller areas have continued to rise since the market reopened in May 2020 following the first lockdown, with seven of these hitting a new record this year.
The demand is being helped by people looking to leave cities and relocate as working from home becomes the norm.
As a result, the property market is much slower in city centres which have been hit hard by the pandemic – with many seeing just one in five properties on the market sold since the start of the year.
Birmingham city centre has been named as the top buyers’ market, where just 18.4% of properties have been sold.
It’s followed by Liverpool city centre where 22% have sold.
Other areas in the top 10 buyers’ market include affluent areas like Beaconsfield in Buckinghamshire – where average asking prices are over £1m – and Sunbury-on-Thames in Surrey with average asking prices over £500,000.
Image: Birmingham city centre has seen 18.4% of properties sold since the start of the year
The list is based on just under 300,000 properties that have come up for sale since the start of 2021.
Rightmove said the easing of coronavirus restrictions has increased activity in an already busy housing market.
Across the country almost two out of every three properties are currently sold subject to contract, and available property is down 26% on this time last year, the property website added.
The number of new properties coming up for sale rose by 51% in March, but demand continues to outstrip supply.
So far this year Rightmove has recorded 20 of its busiest days, with a new record set on 7 April when more than 9.3 million visits were made to the website.
Rightmove’s director of property data, Tim Bannister, said: “Areas around the north and South West are the stand-out sellers’ markets right now, and places in Cornwall and Devon are continuing the trend of a desire to move to the seaside and countryside.
“Suburbs are also faring well as some people move further out from the centre of cities. Both sale and rental properties in city centres have been suffering over the past year as the usual appeal to live there has temporarily been taken away, leading to more stock than usual being available, but we may see these start to shift more quickly over the next few months as lockdown restrictions continue to be removed.”
Image: Liverpool is another city where demand for property is low
Top 10 sellers’ market areas by % of properties sold
Newquay, Cornwall – 82.0%
Newton-Le-Willows, Merseyside – 81.8%
Plymstock, Devon – 81.2%
Hailsham, East Sussex – 81.1%
Canvey Island, Essex – 80.5%
Atherton, Manchester – 80.3%
Quedgeley, Gloucestershire – 80.1%
Willingdon, East Sussex – 79.2%
Whitchurch, Bristol – 78.2%
Melksham, Wiltshire – 77.9%
Top 10 buyers’ market areas by % of properties sold
Birmingham city centre – 18.4%
Liverpool city centre – 22.0%
Beaconsfield, Buckinghamshire – 29.0%
Manchester city centre – 31.0%
Sunbury-On-Thames, Surrey – 31.4%
Langley, Berkshire – 31.5%
Bushey, Hertfordshire – 31.8%
Norwich city centre – 32.5%
Witney, Oxfordshire – 33.2%
Southampton city centre – 33.3%