Yahoo Finance UK's top property hotspots revealed
The town of Shirley in Solihull has been named the biggest property hotspot in February with increased competition pushing asking prices by more than 10% according to new figures.
Competition between buyers for the homes available for sale in Shirley more than doubled compared to the same period last year (143%), measured by the number of people sending enquiries to estate agents about each available property, data from property site Rightmove (RMV.L) shows.
The average asking price in Shirley jumped more than 10% to £352,791 in February.
Hotspots are areas where more new properties are coming onto the market for sale than the same period last year.
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%).
New properties coming to the market in Jesmond had an average asking tag of £361,564, a 23% from February last year. Houses in Chorlton Cum Hardy came with a £355,306 price tag, up 6%.
Asking prices have increased by an average of 11% in the hotspots compared to this time last year, as greater competition has supported price growth, however price movements in each area vary due to differing supply and demand dynamics since the pandemic started.
Tim Bannister, Rightmove’s director of property data, said: “Over the last year, supply and demand imbalance has led to greater competition between buyers in many areas of Great Britain. The data 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."
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%).
Across Great Britain, there are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand ever recorded at this time of year.
Bannister added: “At the moment, we’re seeing more than twice as many buyers as sellers in the market – which is good news if you’re looking to sell, as you’re likely to be met with multiple potential buyers for your home to choose from.
"For those looking to buy and navigate the current fast moving and competitive market, agents report 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.”
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