While the property market remains busy in coastal locations, Rightmove said it is starting to see a slowdown in buyers looking for homes by the sea, when compared to the last couple of years. Instead, buyers are now looking to move to cities, where there are great transport links and a busy city centre.
Rightmove’s property expert, Tim Bannister, said: “Though demand is still high in many coastal areas, it has slowed from the heady levels seen in parts of 2020 and 2021.
“As more choice becomes available in these seaside areas, we’re seeing some of the competition between buyers and renters begin to cool off.”
According to Rightmove, home-movers are retiring to city locations.
While coastal locations begin to cool, competition between buyers and renters has risen across UK’s 50 largest cities.
READ MORE: Are there ‘criminal plants’ in your garden? 9 plants you can’t grow
They said: “In Carlisle, the average house price sits £212,000 below the current national average.
“As well as a vibrant city centre with a historic castle and cathedral, the Lake District, the nation’s biggest national park, is nearby.
“Newcastle Upon Tyne’s famed Quayside, world-renowned arts scene and nightlife are also attracting home-buyers, with competition between buyers up 36 percent since 2021.”
As well as competition increasing amongst home-buyers, Rightmove has also found competition in cities is also increasing for rental homes.
Competition between tenants has increased by 134 percent in Edinburgh and 115 percent in London compared to the same period in 2021.
Renters are also competing for homes in Salford, Southampton, Durham and Cardiff.
Credit: Source link
