Newmarket tops supply shortage hotspots as home sales surge by 79%

Love or Hate Rightmove
  • Newmarket in Suffolk is revealed as the top new supply shortage hotspot, seeing the biggest gap over the past year between the number of homes selling and new sellers coming to market:
    • The number of sales being agreed in the town is up by 79% on last July, while new sellers putting their properties up for sale is down by 49%
  • The top ten new supply shortage hotspots are all in South East and East of England, with average asking prices in three of the hotspots – Newmarket, Berkhamsted and Bushey – up by 9% since 2019
  • Nationally the average number of available properties on an agent’s books is 16, down from 29 in July 2020
  • The shortage areas could provide an opportunity for homeowners considering a move to take action now while stock is low and demand is high

New data from the UK’s biggest property website Rightmove reveals the new supply shortage hotspots around England.

The rankings are calculated based on the biggest changes in the number of homes being marked sold subject to contract and the number of new sellers putting their homes up for sale, compared to July last year.

Newmarket in Suffolk tops the list, which has seen a surge of 79% in sales agreed over the last year, and a 49% drop in new sellers coming to market.

Berkhamsted in Hertfordshire came in second place, with a surge of 58% in sales being agreed, and a drop of 57% in new sellers. Witney in Oxfordshire takes the third spot with sales up 51% and new sellers down 59%.

The stock shortage is being felt across the country, with the average available stock per agent on Rightmove dropping from 29 in July 2020 to just 16 properties now. Around two third of properties have already found a buyer, and some of the hotter areas like Newmarket are seeing a higher rate of three quarters of homes already sold subject to contract.

Tim Bannister, Rightmove’s Director of Property Data comments: “If we think back to July last year the market in England had been open again for around six weeks, the stamp duty holiday was announced, and a summer frenzy was just beginning. 12 months on, the combination of fewer sellers coming to market and sustained demand has resulted in a summer seller shortfall, and so the challenge for agents now is to try and replenish the stock to meet the demand from buyers. For those considering coming to market this year, now could be the time to find out what your home could be worth from a local agent.”

 

Location

 

% drop in number of new sellers versus July 2020 % rise in number of sales agreed versus July 2020 Average

Asking Price

July 2021

Average Asking Price July 2019

 

Average Asking Price change versus July 2019

 

Newmarket, Suffolk -49% 79% £320,043 £294,656 +9%
Berkhamsted, Hertfordshire -57% 58% £694,085 £636,055 +9%
Witney, Oxfordshire -59% 51% £347,798 £330,011 +5%
High Wycombe, Buckinghamshire -53% 55% £363,245 £349,043 +4%
St. Ives, Cambridgeshire -56% 49% £308,187 £294,018 +5%
Weybridge, Surrey -53% 49% £932,526 £961,008 -3%
Bushey, Hertfordshire -49% 53% £583,514 £536,083 +9%
Egham, Surrey -60% 41% £495,844 £472,470 +5%
Marlow, Buckinghamshire -58% 43% £726,383 £688,195 +6%
Farnborough, Hampshire -54% 45% £364,757 £354,849 +3%

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More
Home and Living

How to Protect Your Property from Flooding and Water Damage

Flooding and water leaks can cause significant damage to your home or office. However, many issues can be prevented by taking proactive measures to protect your property. In this article, we’ll explain how to minimize risks and prepare for potential water-related threats. 1. Inspect and Maintain Your Plumbing System One of the most common causes…
Read More
Breaking News

ONS House Price Index – November 2024

Headlines Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate); this is up from 8.4% in the 12 months to September 2024. Average rents increased to £1,348 (8.8%) in England, £766 (7.9%) in Wales, and £976 (6.6%) in Scotland, in the 12 months to October 2024. In Northern…
Read More
Breaking News

Foxtons Lettings Market Index October 2024

Headlines October saw the highest level of new stock entering the market, with an 8% increase from last year, the highest increase in four years October’s demand is marginally lower than last October and decreased 32% from September, as expected during this time of year Following a yearly high of £593 per week this September,…
Read More
Breaking News

Breaking Property News 20/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Proptech powered lettings service for BTR developers needing pre-approved, quality tenants at speed gets funding A proptech-driven letting agent has secured close to £500,000 during its first equity investment raise. Property Sense, headquartered in Stockport but operating nationally, secured the half a million pounds in…
Read More
Kerb appeal
Estate Agent Talk

Why November and December are the best and most affordable months to buy

Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More