Prominent North East areas, Alnwick and Jesmond have topped the Rightmove league table, a ranking system that identifies where new buyer competition is most concentrated across the UK housing market.
As asking prices have risen by an average of 11 per cent in the hotspot zones compared to this time last year, greater competition has encouraged price growth. However, price movement in each location will vary due to differing supply and demand dynamics since the Covid 19 pandemic began.
Matt Hoy, director of Estate Agency at leading property firm, Bradley Hall said: “Across the UK there is now more than twice as many buyers as sellers operating in the market, which is the greatest disparity between supply and demand ever recorded at this time of year.
“Jesmond, second on the list of hotspots, has experienced a +143% upsurge in competition year on year, and Alnwick which places tenth in the table has accomplished a +123% increase in competition year on year. Not only does this demonstrate that market competition has grown greatly as more people are hoping to be closer to cities either for work or for their lifestyle as the pandemic restrictions have been lifted, but it also suggests a positive future for the market in these areas.
“Presently, we are seeing more buyers than sellers in the market- which is brilliant if you are looking to sell. For those looking to buy, or those who have already found a buyer for their current property, subject to contract, are more likely to secure the property they really want.”
