Two North East towns in the top 10 sales hotspots in the UK!
If you're considering putting your home on the market soon, you might be curious about the current state of the housing market in your local area.
While we often examine national trends in house prices, buyer interest, and sales figures, it's important to recognise the diversity of smaller, localised markets. What's happening in one neighbourhood or postal code could vary significantly from the next.
According to Rightmove, on a national level, the volume of home sales being agreed upon is up by 13% compared to the same period last year. However, some regions are experiencing even more substantial increases, with four areas more than doubling their percentage of homes marked as sold subject to contract compared to last year. Two of the top 10 are from the North East, Cramlington and Seaham have seen a 94% and 92% increased number of sales agreed than 2023 respectively.
The market for detached houses has seen the most pronounced growth since 2023. Last year, activity in the higher-end sector, which includes larger homes, was somewhat subdued due in part to a scarcity of available properties in this category. Tim Bannister, from Rightmove, notes:
"Throughout the pandemic and into last year, there was a notable scarcity of larger homes on the market. With limited options for potential buyers, some sellers of larger homes held off on listing their properties. In addition, the transition from historically low mortgage rates to higher levels deterred some from making a move."
Mortgage rates are currently lower than they were at the peak in July 2023, prompting those who postponed moving in 2023 to enter the market in 2024.
"While some sellers of larger homes may have accumulated more equity over time, others who intended to finance a more expensive home with a larger mortgage would have been significantly impacted last year. With rates now lower and prices stable, we're witnessing a surge in larger home listings. This increase in inventory is being met with heightened demand, leading to a rise in sales figures," Tim elaborates.
As a result, sales of detached houses have seen the most substantial increase (+17%) compared to last year, while flats, typically popular among first-time buyers, have experienced a more modest 6% annual growth in sales.
Considering a move in 2024? If you're contemplating selling your home and are curious about its current value, you can obtain an instant valuation from our website.
