New data Rightmove reveals that Chard, a town in Somerset, is the new hotspot with the number of sales agreed more than doubling (+123%) this time last year.
Second on the list of new sales hotspots is Hilton, in Derby, with an 112% increase in agreed sales compared to last year, and Padgate in Warrington is third (+112%).
Area | Increase in number of agreed sales vs 2023 | Average asking price |
Chard, Somerset | +123% | £245,202 |
Hilton, Derbyshire | +112% | £287,201 |
Padgate, Cheshire | +112% | £228,518 |
Caerphilly | +104% | £248,696 |
Keynsham, Bristol | +97% | £377,392 |
Royton, Greater Manchester | +96% | £227,442 |
Cramlington, Northumberland | +94% | £194,352 |
Gerrards Cross, Buckinghamshire | +94% | £1,034,264 |
Armthorpe, South Yorkshire | +93% | £185,613 |
Seaham, County Durham | +92% | £158,645 |
Meanwhile, across Britain, the number of sales being agreed is currently 13% higher than at this time last year.
This growth is primarily driven by sales of detached houses, which have seen the biggest resurgence compared to last year.
The number of agreed sales for detached houses is currently 17% higher than at this time in 2023 while smaller flats lag at +6%.
Increase in number of agreed sales versus 2023 | |
Detached house | +17% |
Semi-detached house | +12% |
Bungalow | +10% |
Terraced house | +9% |
Flat | +6% |
Factors contributing to an increase in buyer activity for larger houses include wider availability, pent-up demand from last year, and lower mortgage rates than at the peak in July 2023
Rightmove’s property expert Tim Bannister says: “For a long period during the pandemic and into last year, there was very little availability of larger homes. With not much choice of property to move to, this deterred some larger-home sellers from coming to market.
“Last year, movers had to adjust from historic low mortgage rates to much higher levels. Whilst some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted.
“Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market. The increased choice is being met with more demand, resulting in higher numbers of sales.”
