Ten property hotspots for home-buyers
Over the last year, we’ve seen a huge amount of people determined to move.
And we’re now seeing more people looking to move closer to cities again, with some towns outside of London seeing more than twice as many buyer enquiries for every property than this time a year ago. This is leading to greater competition between buyers in many areas across Great Britain.
“Our research highlights that as pandemic restrictions have been lifted, competition has increased most in areas just outside Birmingham, Newcastle and Manchester, as more people look to be closer to cities either for work or for their lifestyle,” says our property expert Tim Bannister.
Top spot: Shirley, Solihull
The town of Shirley in Solihull is the new buyer competition hotspot. The number of people enquiring about each home for sale in the West Midlands town more than doubled (+143%) compared to the same period last year.
Shirley is the one of the largest areas within the Solihull borough, and offers good access to road links to Birmingham and London’s Stratford.
Local estate agent Jamie Smart, Director at Smart Homes in Shirley, said: “The high number of outstanding schools in Shirley is a key reason people want to move here, and is contributing to the increased competition for available properties.”
Jesmond, a suburb of Newcastle-Upon-Tyne, is second on the list of hotspots (+141%) and Chorlton Cum Hardy in Greater Manchester is third (+138%).
North East hotspot: Jesmond
Greg McCarthy, a valuer at Sanderson Young estate agents in Newcastle, says that Jesmond is one of the most desirable areas for buyers in the North East.
“Jesmond has, as expected, seen huge demand, as this area is made up of exceptional prime property, often within conservation areas and offering outside space. With the after-effects of the pandemic, the ‘race for space’ is still evident for this particular marketplace,” he says.
Jesmond also has good transport links and excellent schools, which are a big draw for buyers.
McCarthy says although sellers in the area are currently in a position to choose from several competing buyers, there are more homes starting to come to market this spring, which should help to feed ongoing buyer demand.
Top 10 buyer competition hotspots (outside of London)
| Area | Increase in buyer competition YoY | Average asking price | Annual increase in average asking price |
|---|---|---|---|
| 1. Shirley, Solihull | +143% | £352,791 | +10% |
| 2. Jesmond, Newcastle Upon Tyne | +141% | £361,564 | +23% |
| 3. Chorlton Cum Hardy, Greater Manchester | +138% | £355,306 | +6% |
| 4. Stratton, Wiltshire | +135% | £266,815 | +11% |
| 5. Woodley, Berkshire | +132% | £259,607 | +16% |
| 6. Bedminster, Bristol | +128% | £360,256 | +9% |
| 7. Acocks Green, Birmingham | +126% | £221,153 | +11% |
| 8. Tavistock, Devon | +126% | £298,194 | +1% |
| 9. Melksham, Wiltshire | +123% | £277,455 | +12% |
| 10. Alnwick, Northumberland | +123% | £260,825 | +16% |
In London, Balham is the competition hotspot, with competition between buyers increasing by 113%. Upminster is second on the list of London hotspots (+108%) and Chessington is third (+106%).
Greater competition between buyers has pushed asking prices up by an average of 11% in the hotspots, compared to this time last year, however price growth in each area varies due to different conditions within each of the local housing markets since the pandemic started.
What does this mean if you’re looking to buy?
If you’re looking to buy a home in this fast-moving and competitive market, estate agents are reporting that ‘power-buyers’ – those who have already found a buyer for their current property, subject to contract – are more likely to succeed in securing the property they really want.
The good news is that we’re starting to see more properties come to market amid the busiest-ever spring for the housing market.
READ MORE:
How to become a ‘power-buyer’
Three reasons why this is the best-ever spring to sell your home
The header image for this article is provided courtesy of Simon Burt The Estate Agent, Solihull
