Data-driven decision-making is crucial for property investors. So, new analysis offering an up-to-date overview of the current market, highlighting high-performing areas for sellers and potential value regions for buyers, should interest them. This breakdown of the property hotspots in 2023 thus far provides property investors with actionable insights to optimise their investment strategies.
The Top 10 Property Hotspots for Sellers
The new research has placed St. George in Bristol at the top of the strongest sellers’ markets in 2023 so far, with this area enjoying an impressive 80 per cent of its listed homes marked as Sold Subject to Contract (SSTC). The average asking price for a home in St. George is £316,057. This figure is lower than the Great Britain average of £371,907.
In fact, Bristol, traditionally known for its maritime history and vibrant culture, has emerged as a leading sellers’ hotspot hosting four of the top five hotspots. Apart from St. George, Bishopston in Bristol holds the second position with a 79 per cent SSTC rate. Heaton in Newcastle came third while the two other Bristol high scorers Horfield (77%) and Fishponds (76%) complete the top five, cementing the city’s allure to buyers. Notably, Bristol has continually been an in-demand location, standing out even outside the London bubble.
London’s Buyers’ Market Scenario
Contrastingly, Knightsbridge in London stands as the most dominant buyers’ market. But, there is a catch – only about 18 per cent of the homes listed in this upscale London neighbourhood have been marked SSTC this year. Still, the popularity of Knightsbridge remains evident in its average asking price, standing at a jaw-dropping £4,017,845.
Following close behind Knightsbridge are other London areas: Hendon and Bayswater both with 20 per cent of properties listed being SSTC, and Southall and Maida Vale both with a 22 per cent SSTC rate. Meanwhile, the strongest buyers’ market beyond London is Birmingham City Centre with 25 per cent of properties marked SSTC.
The Broader Landscape
The year 2023 has witnessed an increase in the number of properties up for sale compared to the pandemic-induced slump. Yet, this number is still 10 per cent shy of the figures from 2019. An estate agent today has an average of 27 properties listed, a marked rise from last year’s 15 but still a little below the 31 in 2019.
The buoyancy that characterised the market in 2021 and the first half of 2022 has mellowed somewhat with the soaring mortgage rates making buyers review their budgets.
Tim Bannister, Rightmove’s property expert, provided his insight into the state of the market, saying: “Market activity has been less buoyant than the pandemic years but the latest local snapshot of seller activity shows that in many areas of Great Britain the majority of homes that are listed for sale still successfully find a buyer. Though faced with the challenge of rising mortgage rates, buyers that can afford to move will find they have more choice and may be more likely to find a home that suits their needs than during the pandemic. Agents report that sellers wanting to attract a buyer in the current market need to be realistic on price, with those who are willing to price most competitively being more likely to have their home marked SSTC.”