Homeowners selling their homes in southern regions of the UK have seen the greatest rise in demand for their properties of late, according to new research by Jackson-Stops & Staff.
The company analysed over 750,000 properties that are for sale in the UK and found that demand across many parts of the country remains strong, particularly in southern regions, despite the waning economic outlook in light of mounting uncertainty around the EU referendum.
The South East of England was named as the hottest hotspot in the UK, with an average of 20 buyers chasing every property for sale in the region, against a UK average of 14.
The upmarket estate agent forecasts that the South East of England, which has seen an 11% rise in house prices over the last 12 months, and 6% in the last six months, will see the strongest house price growth over the next six months owed largely to the supply-demand imbalance in the region.
Despite the strength of the market in southern England, the market in London has been hit hard by the growing uncertainty. Just 32.7% are under offer compared with the UK average of 40.9%. Consequently, London’s property price rises are likely to be only moderate over the coming months, with or without a Brexit vote.
East Anglia was identified as the second hottest region, with over half (52.2%) of properties on the market currently under offer. House prices in this region also appear to offer room for growth, regardless of whether the UK is in or out of Europe, as an average of 17 buyers chase every property for sale.
A severe housing shortage in Bristol is also driving up prices in the city, with over two thirds (67%) of properties on the market under offer. Based on how quickly properties are being snapped up in this major city, Bristol appears to be on the verge of a property boom.
Northampton, in the East Midlands, is the second highest city hotspot, with 66.7% of properties on the market listed as being under offer.
In stark contrast, Northern Ireland, North East, Wales and the North West have seen the weakest demand in recent weeks, with less than a third of the properties under offer. In these regions, only an average of six buyers exist for every property for sale.
Blackspots for demand, where the fewest proportion of properties for sale are being bought by buyers, are Belfast (Northern Ireland) and Blackpool (North West).
Bradford and Middlesbrough are also at the coolest end of our hotspot table, with less than 30% of properties in these Northern cities listed as being under offer.
Nick Leeming, Chairman of Jackson-Stops & Staff commented: “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.”