Top Ten property hotspots for home-buyers outside London 2022
“Our analysis shows that as pandemic limits have been loosened, competition has surged most in places immediately outside Birmingham, Newcastle, and Manchester, as more individuals seek to be closer to cities for business or lifestyle reasons,” says Tim Bannister, from Rightmove
Top spot: Shirley, Solihull
Shirley, in the Solihull district, is the new hub for buyer competition. When compared to the same period last year, the number of persons enquiring about each home for sale in the West Midlands town more than doubled (+143 percent).
Shirley is one of the major areas in the Solihull borough, having extensive road connections to Birmingham and Stratford in London.
We’ve seen a lot of people who are determined to relocate in the last year.
And we’re seeing an increase in people looking to relocate closer to cities, with some areas outside of London receiving more than twice as many house buyer queries for each property as they did a year earlier. As a result, there is more competition among purchasers in various places around the United Kingdom.
North East hotspot: Jesmond
Jesmond, a suburb of Newcastle-Upon-Tyne, is second on the list of hotspots (+141%) and Chorlton Cum Hardy in Greater
Jesmond is one of the most sought localities for purchasers in the North East, according to Greg McCarthy, a valuer with Sanderson Young estate agents in Newcastle.
Jesmond has witnessed high demand due to the abundance of great premium property, often located within conservation zones and offering outdoor space. The ‘competition for space’ is still obvious for this particular marketplace due to the pandemic’s after effects
Jesmond also boasts decent transportation links and great schools, both of which are attractive to potential house purchasers.
Despite the fact that area sellers presently have a choice of multiple competing bidders, more houses are starting to come on the market this spring, which should assist to support ongoing buyer interest.
Balham, London’s competitiveness hotbed, has seen a 113 percent increase in buyer competition. Upminster comes in second (+108%) and Chessington comes in third (+106%) on the list of London hotspots.
In the hotspots, increased buyer competition has driven asking prices up by an average of 11% compared to this time last year, but price rise in each area varies due to differing conditions inside each of the local property markets since the pandemic began.
What does this mean if you’re looking to buy?
If you’re looking to buy a home in this fast-paced, competitive market, the ‘power-buyers,’ ie those who have already found a buyer for their present home, subject to contract, are more likely to get the home they really want.
The good news is that, in the midst of one of the busiest spring in housing history, more homes are starting to come to market.