As the new year home-seller rush continues, the number of new listings coming to market for sale is gaining momentum.
In the last week, the number of properties for sale is up 8% in Great Britain, compared to the same period last year.
New listings are up by 12% year on year in the South West, and Yorkshire and the Humber, while in East Midlands, and the South East, numbers are up 10%. However, supply remains tight in London and the North East, where stock levels are up a more modest 4% in a year.
“It’s an encouraging sign to see more properties start to come to market for sale,” said our property expert Tim Bannister. “More new listings, coupled with the higher number of requests for property valuations from prospective sellers, are positive signs we’re moving towards a better-balanced market in 2022.”
It’s good news for those looking to move, but if you’re looking to buy a home, be prepared to move fast. Total buyer demand is up 35% within the last week compared to the same period last year, and it currently takes an average of just over five weeks for a property to go under offer.
Top 10 property listing hotspots
|Location||Average asking price||Increase in new properties for sale vs Jan 2021||Time to find a buyer (days)|
|1. Bexhill On Sea, East Sussex||£342,265||+88%||35|
|2. High Peak, Derbyshire||£278,672||+82%||39|
|3. Chelmsford, Essex||£407,200||+58%||42|
|4. Burton-On-Trent, Staffordshire||£200,785||+54%||29|
5. Sutton Coldfield, West Midlands
|6. St. Albans, Hertfordshire||£629,000||+36%||40|
|7. Nuneaton, Warwickshire||£214,302||+32%||24|
|8. Shrewsbury, Shropshire||£266,727||+31%||30|
|9. Leigh-On-Sea, Essex||£442,610||+29%||27|
|10. Bradford, West Yorkshire||£150,975||+26||42|
Seller hotspot: Bexhill-on-Sea
Bexhill-on-Sea, in East Sussex, tops the list of cities, towns, and villages where stock levels have surged most. This Victorian seaside town is less than two hours from London by train, with top-notch schools and cultural attractions, including the seafront De La Warr Pavilion. It’s more affordable than most seaside towns, with average prices standing at £342,265.
The number of new properties going on sale in Bexhill during January was nearly double the number in January 2021, up 88 per cent.
Local estate agent Mark Pelham, senior sales negotiator at Abbott & Abbott, said there has been an uplift in the requests for property valuations from prospective sellers. However, he said that demand for key property types – notably detached family houses and bungalows – is still outstripping supply.
“As soon as something comes on (the market) it will still fly off the shelf,” he said. “And the demographic of buyers is changing. I think that the regeneration of the De La Warr Pavilion is behind a lot of that – it brought new people to the town and put Bexhill on the map.”
In demand: High Peak towns
The beautiful High Peak district of the Derbyshire Dales is also seeing plenty of new homes coming onto the market in towns like Buxton and Glossop – supply is up 82% year on year.
“There has been a significant change inactivity,” said Chris Swales, partner of Jordan Fishwick estate agents in Glossop. “I think that a lot of people wait until the new year to put their homes on sale anyway.”
A lot of these new instructions, said Swales, are small houses in towns as buyers look to upsize and move to rural areas. “I think that is a fall-out from Covid,” he said. “People are not having to commute to Manchester every day anymore, and they want to get out into the countryside.”
Moving fast: Leigh-on-Sea
In Leigh-On-Sea in Essex, where the number of new homes on sale has risen by 29% compared to this time last year, homes are going under offer on average less than 30 days after being listed.
Leigh has been growing in popularity with buyers looking to leave London and its commuter belt for several years, and North said the pandemic and the trend for hybrid working has increased this dramatically. Matt North of Home estate agents in Leigh-on-Sea says the trendy boutiques, new restaurants and the artisan market draw people in, too.
“Homes are selling very fast,” said Matt North of Home estate agents in Leigh-on-Sea. “Access to the sea is a lovely draw. People come here for a day trip, fall in love with it and decide to move here.”