NEW data has revealed that Chard is the new property hotspot, with the number of sales agreed more than doubling (+123) compared to this time last year.
The UK’s biggest property website Rightmove reveals that Chard is the new sales hotspot, with the number of sales agreed more than doubling (+123 per cent) compared to this time last year.
Hilton, in Derby is second in the list of hotspots (+112 per cent) and Padgate in Warrington is third (+112 per cent).
Overall, the number of sales being agreed is 13 per cent higher than last year, driven by detached homes.
Sales agreed for detached houses are up by 17 per cent compared to last year, versus 6 per cent for flats.
Rightmove’s property expert Tim Bannister said: “For a long period during the pandemic and into last year, there was very little availability of larger homes.
“With not much choice of property to move to, this deterred some larger-home sellers from coming to market.
“Last year, movers had to adjust from historic low mortgage rates to much higher levels.
“Whilst some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted.
“Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market.
“The increased choice is being met with more demand, resulting in higher numbers of sales.”
Agents report that more supply, pent-up demand from last year, and lower mortgage rates than at the peak in July last year are all helping larger home sales.
Second on the list of new sales hotspots is Hilton, in Derby, with a 112 per cent increase in agreed sales compared to last year, and Padgate in Warrington is third (+112 per cent).
Meanwhile, across Great Britain, the number of sales being agreed upon is currently 13 per cent higher than at this time last year.
This growth is primarily being driven by sales of detached houses, which have seen the biggest resurgence compared to last year.
The number of agreed sales for detached houses is currently 17 per cent higher than at this time last year, while smaller flats lag behind at +6 per cent.
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