Homeowners living in postcode district BS5 in Bristol and M32 in Manchester currently have the best market conditions for selling, according to recent findings from PropCast.
Its monthly England & Wales House Selling Weather Report examined buyer demand for each postcode district by counting the number of properties for sale and calculating the percentage of these that are under offer or sold subject to contract.
Percentages in the study were portrayed as degrees: 0%-20% is very cold, 20%-35% is cold, 35%-50% is hot and anything above 50% is very hot.
At the top of the top of the leader board with a market heat temperature reading of 70 degrees are postcode districts BS5 and M32, revealing a very hot sellers’ market for each location. These were followed by BS3 Bristol (69°), S18 Sheffield (68°), B27 Birmingham (67°), BS6 Bristol (67°), B34 and B37 Birmingham (66°), BS4 Bristol (66°) and B28 Birmingham (65°).
Gavin Braza, creator of PropCast and professional property seller, commented: “By noting the ‘hot’ and ‘cold’ buyers’ markets are, PropCast can help homeowners determine how quick and easy or slow and hard it will be to sell their homes.”
“Homeowners in the hottest postcodes have it easier than elsewhere to sell as the balance of power is skewed in their favour because there are more buyers than homes for sale. Properties sell quicker and often after a bidding war as a result – as long as the initial asking price is set realistically.”
https://www.theadvisory.co.uk/propcast/Unsurprisingly, London continues to dominate PropCast’s top ten coldest postcodes. NW8 in northwest London was recorded as the coolest for the second month in a row, dropping one degree to six, while also seeing the biggest annual fall in buyer demand at 33%.
Meanwhile, L2 in Liverpool ranked second place at eight degrees, but recorded the highest growth year-on-year in buyer demand at 33%.
London postcodes make up the rest of England & Wales’ ten hardest areas to sell a property – all between eight and 11 degrees – with SW10 and WC2 the only London postcodes to record growth in buyer demand over the last year.
However, Braza said sellers in a cold buyers’ market, particularly London, should not be downhearted as it is still possible to sell well.
“Buyers are out there, as demonstrated by our analysis of how buyer demand has grown over the last twelve months. However, they’re more price and condition sensitive.”
He advised: “The key to success is to identify the homes that are your direct competitors and then position your home so it represents the best value for money.”
For more information on the historic data trends, you can view the PropCast tool here.