Grays named strongest seller market with eight out of ten properties sold

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  • Grays in Essex has topped the list of the strongest seller markets this Autumn, with more than eight out of every ten properties for sale on Rightmove already sold subject to contract (SSTC)
  • Chelsea in London is the top buyer market right now, with around just one in every ten properties for sale marked as sold subject to contract
  • Eight out of every ten houses up for sale for £250,000 and below across Great Britain are sold subject to contract, compared to flats worth £1 million or more, where only 14% are sold subject to contract
  • Available stock for sale remains at historic lows due to strong buyer demand, however there are signs things are improving with the number of homeowners asking agents to value their property up by 14% year-on-year

A new study reveals the strongest seller and buyer markets right now, with Grays in Essex named the strongest performing area, followed by Mangotsfield, just outside Bristol.

Coastal areas such as Gosport, Hythe and Bognor Regis all make it into the top ten seller markets as the appeal of the seaside continues to tempt buyers to move for a new life.

Strong buyer demand has led to the Autumn market seeing two out of every three homes on Rightmove across Great Britain marked SSTC, compared to around one in two homes marked SSTC last Autumn.

The mass market of houses priced at £250,000 or below is performing strongest, with eight out of ten homes in this price bracket marked SSTC.

Although out of most buyers’ budgets, the high-end flats market is the best place to negotiate on price. Just 14% of flats for sale at £1 million or more are SSTC, and one in five flats in the £750,000 to £1 million price bracket.

Seven out of the top ten buyer markets are all in London, with the two-speed market of inner and outer London once again emerging as a trend.

In Chelsea one in ten properties are SSTC, compared to outer areas of London like Bexleyheath, where eight in ten homes are SSTC. It is a common trait in the high end London market that homes tend to stay up for sale for longer until a buyer gets an offer close to their desired price.

Stock is at a historic low of 15 properties per agent across Great Britain, there are encouraging signs that the next few months might start to see some stock being replenished. The number of homeowners who are asking agents via Rightmove to come out and value their homes has jumped up by 14% compared to October 2020.

Rightmove’s Director of Property Data Tim Bannister says: “Sellers have had a better chance this year than at any time over the past decade of finding a buyer for their home, and new properties coming up for sale haven’t been able to keep pace with buyers who have been snapping them up. Our study shows that in some of the strongest areas the shelves are almost bare, with a clear need for more homeowners to consider making 2022 their year to move to help with buyer choice locally. The good news is that there’s been a jump in the number of people who want to find out what their home is worth and are contacting agents to have their home valued, with many perhaps getting in early to be ready for the New Year buyer rush.

“Over the past year the higher price brackets have been performing strongly, helped by the temporary stamp duty exemption threshold increasing to £500,000, but the tapering until the end of September has helped the mass market of £250,000 and below emerge as the strongest market more recently. The race for space is still a critical need for many, but smaller homes are now coming back into the most competitive property types, which is helping to sustain demand in the lower priced brackets.”

   Strongest seller markets

 

Area

 

% of homes Sold Subject to Contract (SSTC)

 

% of homes available

 

Average asking price

 

Annual price growth

Grays 84% 16% £345,415 +7%
Mangotsfield 84% 16% £335,598 +12%
Eastleigh 83% 17% £365,196 +7%
Redditch 83% 17% £242,886 +7%
Yeovil 82% 18% £225,763 +7%
Hythe 82% 18% £423,938 +13%
Gosport 82% 18% £246,103 +6%
Corby 82% 18% £221,285 +10%
Fareham 82% 18% £358,440 +10%
Bognor Regis 81% 19% £341,731 +11%

   Top buyer markets 

 

Area

 

% of homes Sold Subject to Contract

 

% of homes available

 

Average asking price

 

Annual price growth

Birmingham city centre 21% 79% £215,043 -3%
Finsbury 19% 81% £831,263 -1%
Maida Vale 18% 82% £1,284,488 +3%
Liverpool city centre 18% 82% £165,515 +3%
Kensington 17% 83% £2,109,242 +6%
Stockwell 17% 83% £865,964 +8%
Victoria 16% 84% £1,210,299 -1%
Bayswater 14% 86% £1,199,953 +1%
Aberdeen 14% 86% £169,382 +5%
Chelsea 13% 87% £1,895,593 +6%

 Markets by price band

 

Price band

 

Property type

 

% of homes Sold Subject to Contract

 

% of homes available

£250,000 and under House 79% 21%
£250,001-500,000 House 73% 27%
£500,001-£750,000 House 63% 37%
£750,001-£1 million House 61% 39%
£250,000 and under Flat 61% 39%
£1 million plus House 50% 50%
£250,001-500,000 Flat 46% 54%
£500,001-£750,000 Flat 30% 70%
£750,001-£1 million Flat 23% 77%
£1 million plus Flat 14% 86%

Rightmove

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