Dorset’s postcode district BH17 has been crowned the best location to sell a home this month, with a market heat temperature reading of 74 degrees, according to PropCast.
In its latest ‘England & Wales Top 10 Property Hotspot Report’, the new house selling weather forecast listed B25 (72°), B67 (70°) and B42 (69°) in Birmingham as the next hottest postcode districts.
This was followed by BS3 Bristol and Somerset (69°), M32 Greater Manchester (69°), BS5 Bristol (69°) and RM20 Romford (68°). Birmingham postcodes B44 (68°) and B34 (68°) finished in ninth and tenth place.
Meanwhile, London dominated PropCast’s Top 10 coldest postcodes, where homes are in a buyers’ market. NW8 in north west London was the coolest at seven degrees, followed by WC2 (8°), SW8 and W2 (9°) in London, L2 in Liverpool (9°), and SA64 in Wales (10°).
The capital appeared again at SW10 (10°), W1 (10°), SW5 (10°) and SW7 (10°).
With these findings, PropCast aims to help homeowners to confidently identify true local market conditions, make more informed decisions and how best to sell their homes.
It determines the temperature of a market by counting the number of properties for sale and calculating the percentage of these that are under offer or sold subject to contract. 0%-20% is very cold, 20%-35% is cold, 35%-50 is hot and anything above 50% is very hot – portrayed as degrees.
Afterwards, homeowners are then invited to request a free analysis of the market tailored to their specific property, coupled with a strategy blueprint with instructions on how to utilise this information to get the sale they need.
“Sellers in a cold buyers’ market should not be downhearted because it’s still absolutely possible to sell well,” said Gavin Brazg, creator of PropCast and a property seller.
He said the key to success is to identify the homes that are direct competitors and then position one’s home so it represents the best value for money.
“Meanwhile,” he continued, “those in a sellers’ market certainly have it easier as the balance of power is skewed in their favour. This is because there are more buyers than homes for sale.”
According to Brazg, properties sell quicker and often after a bidding war, as long as the initial asking price is set realistically.
He advised: “If you are trying to buy in this type of market, get ready to compete against other buyers. Be prepared to spring into action the moment a property you like hits the market, be pre-approved for a mortgage before you make an offer and make your opening offer a strong offer.”