Houses are currently in high demand in the UK. According to property website Rightmove, the heated demand of the last two years or so has created the strongest sellers’ market in the past decade.
But which are the top spots for sellers right now? Here’s everything you need to know.
What has happened to the housing market recently?
According to the latest Nationwide House Price Index, the average UK house price has increased by more than £30,000 since the start of the pandemic.
At the moment, the average property price stands at a staggering £250,000. Prices have risen by 9.9% in the last 12 months alone.
This steep rise in house prices has been caused by an imbalance between supply and demand. Essentially, the available supply of houses is insufficient to meet current demand.
The result of this has been what Tim Bannister, Rightmove’s director of property data, describes as “the strongest sellers’ market in ten years”.
Which are the top spots for sellers?
According to Rightmove’s research, Grays in Essex, 20 miles east of London, is the top spot for vendors right now.
The data shows that 84% of listed properties in Grays have been sold subject to contract (STC). Subject to contract means that a buyer’s offer has been accepted but the paperwork is not yet complete. It’s the same story in Mangotsfield in Bristol, where 84% of properties have also been sold STC.
Eastleigh in Hampshire takes the third spot with 83% of listed properties sold STC. Redditch in Worcestershire and Yeovil in Somerset close out the top five with 83% and 82% of listed properties having been sold STC.
The rest of the top 10 hotspots for sellers right now are Hythe, Gosport, Corby, Fareham and Bognor Regis.
Overall, Rightmove’s research found that eight out of 10 houses for sale for £250,000 or below in the UK were sold STC.
Which are the worst spots for sellers?
Chelsea in London is currently the worst spot for sellers, with only 13% of homes sold STC.
Aberdeen and Bayswater closely follow Chelsea, both with 14% of listed properties sold STC.
Other areas with a relatively low number of sales are Victoria, Stockwell, Kensington, Liverpool City Centre, Maida Vale, Finsbury and Birmingham City Centre.
How can you sell your home faster?
Thinking of selling your home soon? Here are some tips to help you offload it faster.
1. Make sure your property is at its best
Repair, repaint, clean and declutter!
Remember that, as with many things in life, a good first impression counts. It’s important that the images of your property on the estate agent’s website show it at its best. This is where potential buyers will decide whether they want to view it or not.
For a good first impression online, stage your home before you list it. You can then impress potential buyers with photos that will entice them to book a viewing.
When buyers visit the house, keep in mind that it’s the exterior of the house that they will see first. So make sure the outside is well-kept, tidy and inviting.
2. Do some research on the asking price
Decide on a best estimate or the likely price that your house might achieve based on recent market activity in your area. You can find out what similar properties have sold for using the Land Registry website.
After that, you can invite an estate agent to value your property.
However, don’t simply go by the quote that any one agent gives, as some might have their own agenda. They might, for instance, give you an unrealistically high valuation to get you to instruct them. Speak to a couple of agents and compare their quotes with your own estimations based on research.
3. Get your paperwork sorted early
When selling your house, you will need documents, including proof of identity, property deeds, fittings and contents form, leasehold/shared freehold documents (if applicable) and an energy performance certificate. Having all these sorted out early can help move things along faster.
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About the author
Sean is a personal finance writer with a strong passion for helping others become more financially literate and make better financial decisions. He covers everything from credit cards to savings to investing.
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