Revealed! The current housing supply hotspots in the UK
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Many Brits who postponed their house search in 2021 due to a frantic property market will be looking to take the plunge in 2022. If you are one of those planning to buy a home this year, you might be wondering about the best places to look right now.
Well, wonder no more. New data from property website Rightmove has revealed the postcodes in the UK that have seen the biggest increase in property listings. Could these be the best places for buyers to find what they’re looking for? Read on to find out.
Housing supply hotspots revealed
According to Rightmove, the number of new property listings in the UK is rapidly increasing. Research by the property website reveals that the number of new properties for sale is up 8% compared to the same period last year.
So, which areas have witnessed the biggest increase?
At the top of the list is Bexhill-on-Sea in East Sussex. The seaside town, which is an hour and 40 minutes away from London via train, has seen the number of new sellers coming onto the market increase by 88% compared to the same period in 2021. During this time, the average asking price of a house in the town has increased by 13% to £342,265.
High Peak in Derbyshire is ranked second on the list of new supply hotspots. The town saw an 82% increase in the number of sellers coming onto the market.
In third place is Chelmsford, in Essex, where the number of sellers was up 58%.
Burton-on-Trent in Staffordshire and Sutton Coldfield in West Midlands round off the top 5.
Here is a complete list of the top 10 places where supply has risen the most:
- Bexhill-on-Sea, East Sussex
- High Peak, Derbyshire
- Chelmsford, Essex
- Burton-on-Trent, Staffordshire
- Sutton Coldfield, West Midlands
- St. Albans, Hertfordshire
- Nuneaton, Warwickshire
- Shrewsbury, Shropshire
- Leigh-on-Sea, Essex
- Bradford, West Yorkshire
The data also shows that the East Midlands, South East, South West, Wales and Yorkshire & The Humber have all witnessed an increase of 10% or more in the number of new homes for sale in the last week of January 2022 compared to the same period in 2021.
What an increase in property listings means for buyers
Commenting on the increasing number of property listings, Tim Bannister, director at Rightmove, said: “More listings, coupled with the higher number of requests from prospective sellers to estate agents to value their home, certainly suggests we are moving towards a more balanced market in 2022.”
In a nutshell, as the year unfolds, aspiring buyers can expect to have a greater selection of properties to choose from.
A greater number of listings also implies that, over time, competition might become less intense.
At the moment, however, demand continues to outweigh supply (albeit not as significantly as before). If you come across a property you like, it’s more than likely you will have to compete for it with other interested buyers.
As Tim Bannister says, “While rising numbers of new homes for sale will be very welcome, buyers will face stiff competition for available properties.”
How to put yourself ahead of the competition
While competition is likely to be stiff right now, the good news is that there are ways to get ahead. The experts at Rightmove say that you can put yourself in pole position to secure your dream property by:
- Getting a mortgage in principle if you are a first-time buyer
- Getting a sale agreed on your current home before you look to buy
- Letting your agent know as early as possible if you’re a cash buyer
Meanwhile, if you’re a first-time buyer working hard to build a deposit, see whether a Lifetime ISA (LISA) can help you get there faster. A LISA is a tax-free account designed to help you save for your first home or for retirement.
If you open a LISA, the government will give you a bonus of 25% of what you pay in, up to a limit of £1,000 every year. At the moment, you can put up to £4,000 into a LISA every year.
A LISA is available to people aged between 18 and 39 and can be opened with a bank, a building society or an investing solutions platform.
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