Strong buyer demand has led to the Autumn property 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 latest Rightmove data has revealed 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.
The mass market of houses priced at £250,000 or below is performing the 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.
Tim Bannister, Rightmove’s Director of Property Data, 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.”
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