Grays in Essex has been named the strongest seller market this Autumn, with more than eight out of every ten properties for sale on Rightmove already sold subject to contract (SSTC); good news for estate agents in the local area.
Coastal areas such as Gosport, Hythe and Bognor Regis also make it into the top ten seller markets as the appeal of the seaside continues to tempt buyers to move for a new life.
The new study, which reveals the strongest buyers’ and sellers’ markets right now, also shows that 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 £1m or more, where only 14% are sold subject to contract
Available stock for sale remains 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 said: “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% |
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