New data from Rightmove have revealed that Newquay in Cornwall has become the latest property hotspot for sellers.
The cornish town more well-known for surfing than its property market has become a sweet spot for sellers. Houses in the area are selling like hotcakes with 82 per cent of all properties put up for sale this year already sold subject to contract.
New property hotspot – Newquay
The sales figures released by Rightmove show that eight out of every ten homes put up for sale this year are sold subject to contract (SSTC). Agents have reported widespread stock shortages due to the frenzied pace of the market in Newquay and many other areas of the UK.
The most in-demand areas are almost all in beautiful countryside locations in Cornwall, Devon, Sussex, and other areas in Western and Northern England. Next in the top ten to Newquay is Newton-Le-Willows in Merseyside, where just under 82 per cent of properties are SSTC. It is closely followed by Plymstock in Devon with 81 per cent currently SSTC.
Other areas outside of city centres in the top ten buyer markets include the more expensive locations of Beaconsfield in Buckinghamshire where average asking prices are over £1 million, and Sunbury-on-Thames with average asking prices over £500,000.
By contrast, city centres are still moving much more slowly, with Birmingham city centre the top buyer’s market, where only 18 per cent of properties are sold subject to contract. In Liverpool city centre, only 22 per cent of properties are marked SSTC.
The start of restrictions easing has increased activity in what was already an incredibly busy housing market. All areas of the top ten hottest seller markets have seen asking prices hit records since the market reopened in May 2020, with seven of the 10 hitting a price record this year.
Demand for properties is dramatically increased. Although the number of properties coming up for sale in March was 51 per cent higher than the previous month, demand is still higher than the supply available in many areas, including Newquay.
‘The stock shortage is the worst I’ve seen in thirty years and there’s just seemingly endless demand,’ says Bradley Start, Partner at Start & Co Estate Agents in Newquay. ‘We’re getting requests for viewings within minutes of a property going on Rightmove and many properties are going to best and final offers due to the competition, something that usually we would only see a few times a year.’
‘It’s a mix of locals moving, people buying holiday homes and those relocating completely, which is leading to more out-of-town buyers than we would normally see.’
In this year alone Rightmove has surpassed its record for the most visits to the site in one day 20 times. The latest record was set last Wednesday, 7th April . Over 9.3 million people visited the property search website.
‘Areas around the North and South West are the stand-out seller’s markets right now, and places in Cornwall and Devon are continuing the trend of a desire to move to the seaside and countryside,’ says Tim Bannister, Rightmove’s Director of Property Data.
‘Suburbs are also faring well as some people move further out from the centre of cities. Both sale and rental properties in city centres have been suffering over the past year as the usual appeal to live there has temporarily been taken away, leading to more stock than usual being available. But we may see these start to shift more quickly over the next few months as lockdown restrictions continue to be removed.’
It’s good news for sellers, but buyers better get their skates on if they want to find their dream home in the current market.