Rightmove’s hotspot league table - are you here?

Rightmove has created a league table to identify where new buyer competition is hottest across the UK housing market.

Across the country there are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand ever recorded at this time of year.

Shirley in Solihull is the number one location where competition between buyers for the homes available for sale more than doubled compared to the same period last year, when measured by the number of people sending enquiries to estate agents about each available property.

Jesmond, a suburb of Newcastle-Upon-Tyne, is second on the list of hotspots and Chorlton Cum Hardy in Greater Manchester is third.

Asking prices have increased by an average of 11 per cent in the hotspots compared to this time last year, as greater competition has supported price growth, however price movements in each area vary due to differing supply and demand dynamics since the pandemic started.

In London Balham is the competition hotspot, with competition between buyers increasing by 113 per cent. Competition has more than doubled in Upminster and Chessington too. 

Tim Bannister, director of property data at Rightmove, says: “Over the last year, supply and demand imbalance has led to greater competition between buyers in many areas. 

“The data highlights that as pandemic restrictions have been lifted, competition has increased most in areas just outside Birmingham, Newcastle and Manchester, as more people look to be closer to cities either for work or for their lifestyle. 

“As some areas have experienced more sustained imbalance of supply and demand than others, the impact on asking price change to date varies. At the moment, we’re seeing more than twice as many buyers as sellers in the market – which is good news if you’re looking to sell, as you’re likely to be met with multiple potential buyers for your home to choose from. 

“For those looking to buy and navigate the current fast moving and competitive market, agents report that ‘power buyers’ - those who have already found a buyer for their current property, subject to contract - are more likely to succeed in securing the property they really want.”