While demand continues to outstrip supply, the UK property market has never looked so competitive as the latest data confirm the two most popular neighbourhoods among house buyers.
The new data, based on more than 2.7 million house seekers who are signed up to receive instant alerts for properties coming onto the market, are the earliest indicators of buyer demand in an area, according to the portal Rightmove.
In pole position is Didsbury in Greater Manchester, one of the most expensive neighbourhoods in the county. The average asking price currently stands at £367,429, more than £130,000 higher than the Greater Manchester average of £237,380. In second place is Walthamstow in East London, where average asking prices have increased by 116pc over the past ten years, climbing from £230,888 to £499,534, and up 4pc over the last year.
The only other London location in the top ten is Chiswick, the sole district on the list where asking prices are lower than this time last year, down by 1pc to £969,350 and by 9pc compared with five years ago when they were above £1 million.
Although the number of properties coming onto the market still does not meet the insatiable demand from buyers, the quantity of new listings has improved. There was a rise of 51pc in the number of homes coming onto the market between January and April this year, with more than 260,000 new homes coming up for sale over the past two months alone.
Property selling within days
Tim Bannister, Rightmove’s property expert, believes the new analysis gives sellers in these local hotspots ample confirmation of the popularity of their districts, as it tracks the immense pool of the most hopeful propective buyers who are signed up to discover instantly when a seller decides to put their property on the market.
Such is the current frenzied state of the market, he said, that increasingly buyers are realising that they don’t have the luxury of waiting until the weekend to decide which properties they would like to view, so they’re making sure they have signed up to be among the first to learn when a home comes up for sale.
We’re hearing reports of some areas where properties are selling within a few days of the details being uploaded to Rightmove, and the average time taken to find a buyer is the fastest we’ve ever recorded nationally, he said. However, he added, we also know there are thousands of local markets out there, some moving more slowly than others. So if you’re a seller, you’ll want your property to be seen by the biggest group of potential buyers possible, in order to have the optimal chance of selling and achieving the best price.
Buyers seeking more space
Rob Kennedy, MD of Philip James Kennedy in Didsbury Village, comments that the property market so far this year in Didsbury has experienced an almighty surge with record numbers of sales and many homes generating multiple bids. As a result, house prices have increased and property is selling and completing more quickly.
During these unprecedented times, he says, the importance of ‘home’ has grown with many buyers seeking more space working from home, more space in which to relax and exercise, and many purchasers wanting more outside space, a larger garden or easy access to a local park.
Built in the background of expensive merchant mansion homes and exclusive conservation areas, Didsbury presents a wide variety of high-end housing from early Victorian cottages, late Victorian terraces and traditional semis through to ‘Arts and Crafts’ detached family homes and state-of-the-art apartments and townhouse developments.
‘Fashionable’ West Didsbury village consists mainly of late Victorian terrace houses situated around the impressive Burton Road with its family-sized villas, mansion terraces and highly desirable modern and converted luxury apartment developments. Although both villages are small in area, they have beautiful parks, outstanding schools and colleges, specialist food shops, a well established cafe culture, trendy bars and award-winning restaurants.