A new study has revealed the streets where homes are still selling above their asking prices – despite hopes for the housing market recently hitting a 20-year low.
In a damning report conducted by the Royal Institution of Chartered Surveyors (Rics), sales expectations for the next three months were found to be at their lowest since the survey began in 1999.
It has been blamed on a number of different issues including a lack of supply, the affordability of property and Brexit uncertainty – with Rics just last week saying it was ‘hardly a surprise’ that Britain’s exit from the EU had caused a slump.
On top of that, mortgage rates continue to fall and in December reached their lowest level since March 2015, according to new research from UK Finance.
But despite all this, there are certain areas in England and Wales where buyers are still battling it out for homes.
And new research has revealed the areas where property is ‘hot’ – a sellers’ market where homes are easy to sell – and where property is ‘cold’ – a buyers’ market where homes are difficult to sell.
New research has revealed the top ten easiest places to sell a house in England and Wales. South Bristol tops the list, followed by Kingstanding in Birmingham and then Poole in Dorset
PropCast, a weather report showing levels of ‘buyer demand’ in UK housing markets, has revealed the top ten easiest places to sell a house (hot) and the top ten hardest (cold)
Properties in cities including Bristol, Birmingham and Sheffield have been revealed as the easiest place to sell a house, while homes in London and Liverpool are slow to sell but a good option to buy.
The PropCast methodology, complied by The Advisory – an advice and support resource for house sellers – is able to determine how ‘quick and easy’ or ‘slow and hard’ it will be for people sell their homes.
In these latest figures, released to the MailOnline this month, the top three areas to sell a property are BS3 – South Bristol, B44 – Kingstanding, Birmingham and BH17, Poole.
According to RightMove, the average price for a detached home in south Bristol over the past year was £356,189. While flats sold for an average of £217,486.
Sold prices in the area were also 9 per cent up on the previous year and 17 per cent up on the 2016 level of £267,238.
In Kingstanding, Birmingham semi-detached homes sold for an average price of £154,493, while terraced properties sold for an average of £138,731.
While overall sold prices over the last year were 9 per cent up on the previous year and 17 per cent up on the 2016 level of £124,264.
According to RightMove, the average price for a detached home in south Bristol (pictured) over the past year was £356,189. While flats sold for an average of £217,486. It was revealed as the easiest place to sell a house, according to new research by The Advisory
In Kingstanding, Birmingham (pictured) sold prices over the last year were 9 per cent up on the previous year and 17 per cent up on the 2016 level of £124,264. It was revealed as the second easiest place to sell a house, according to new research by The Advisory
Over in Poole most property sales involved flats which sold for an average of £285,995, while detached properties sold for an average price of £532,449.
Here sold prices were 6 per cent up on the previous year and 10 per cent up on 2016 when the average house price was £332,813.
As Gavin Brazg – founder and CEO of The Advisory – states, areas where homes are selling easily can often lead to a bidding war, pushing up the prices of property.
He said: ‘This type of market occurs when buyer demand exceeds supply, or there are more buyers seeking to purchase the properties currently available in the market.
‘In really hot markets this often leads to multiple buyers interested in a single property, resulting in bidding wars.’
Poole was revealed as the third easiest place to sell a house in England and Wales, according to research by The Advisory. Here most property sales involved flats which sold for an average of £285,995, while detached properties sold for an average price of £532,449
Reacting to the news about Poole, Paul Vincent, area director for Fox & Sons Estate Agents, said: ‘Poole still offers fantastic value for money and we are seeing more and more buyers looking to downsize and step away from the hustle of busy city living.
‘Poole is a great place to live with a real sense of community creating a safe and caring feel about the town. Considering all these factors it’s easy to see why so many people want to live there and it continues to be in great demand.’
While Stephen Ludlow, executive chairman of Ludlow Thompson, addressed the news that Bristol and Birmingham are seeing successful house sales.
He said: ‘Both offer a lot of employment options and so it’s easy to see why people would want to move there.
‘Birmingham for instance has the HS2 railway coming up and that’s likely to make it a more desirable place to live.’
On the other end of the scale, many properties in London have been dubbed cold under the PropCast formula.
A map released by The Advisory, made using the PropCast methodology, reveals the easiest and hardest places to sell in England and Wales
Postcodes including W1 – Western and Paddington, N1C – King’s Cross and EC2 – which includes Shoreditch were found to be ‘buyers’ markets and therefore ‘slow and hard’ for those looking to sell.
Your Move recently found that prices of homes on the market in Kensington and Chelsea and the City of Westminster have been reduced dramatically over the past year.
The average house value in the exclusive postcodes has fallen by up to £500,000 in the year to November, according to Your Move.
While on average London’s ten most expensive boroughs are down by 9 per cent.
Other upmarket areas in the capital, such as Hammersmith & Fulham and Camden, have had falls of more than 10 per cent, the estate agency said.
Mr Brazg hopes that his new formula can help buyers and sellers figure out how best to sell their property – in a climate which is becoming increasingly difficult.
PropCast determines the temperature of a market by counting the number of properties for sale and calculating the percentage of those that are under offer or sold subject to contract.
It then determines whether a property is ‘hot’ – likely to sell – or cold – unlikely to sell – using this formula.
Mr Brazg said: ‘When moving home it’s crucial to know what type of market you’re operating in so you can set your expectations and strategy more intelligently.’