High-end agency reveals hot- and cold-spots ahead of Brexit vote

An analysis of 750,000 homes on sale across the UK reveals areas where activity remains high despite economic uncertainty surrounding the EU Referendum - and also names areas where activity appears to have slumped. 

The research, from Jackson-Stops & Staff, shows that contrary to some reports that south east of England still has substantial activity. Some 7.5 per cent of privately owned properties are on the market in the region, approaching twice the all-UK average of 4.4 per cent. 

It also says some 52.7 per cent of properties presently on the market in the south east are already under offer - in the agency’s words “an average of 20 buyers are chasing every property for sale in the south east” while across the UK it says the average is 14. 

“This region, which has seen an 11 per cent rise in house prices over the last 12 months, and six per cent in the last six months, is anticipated to see the strongest house price growth over the next six months with the laws of supply and demand holding regardless of whether the UK is in or out of Europe” says a statement from JS&S.

East Anglia is the second hottest region, where 52.2 per cent of properties on the market are under offer.

However, the agency says that at the other end of the spectrum, where levels of demand are relatively low, are the regions of Northern Ireland, North East, Wales and the North West. 

All of these regions have less than a third of properties under offer. “In these regions only an average of six buyers exist for every property for sale” says the agency.

Looking at key cities, Bristol appears to have the highest demand for homes among buyers - some 67 per cent of homes on the market are under offer. This is followed by Northampton with 66.7 per cent. 

However Belfast, Blackpool, Bradford and Middlesbrough bring up the rear. London is also weak, admits Jackson-Stops. 

“Of the total number of properties currently on the market in London, only 32.7 per cent are under offer compared with the UK average of 40.9 per cent. London’s house price rises, on average, are likely to be only moderate over the coming months, with or without a Brexit vote” says the agency.