If you’ve been scouting the UK for property deals, you’ve likely come across the news, analyses, and speculation surrounding the UK’s housing market trends. There’s always a lot to unpack. However, recent findings have shed light on where the savviest buyers might want to turn their attention: Manchester.
A Frosty Landscape for Sellers, But Buyers Rejoice
Manchester has emerged as the top buyers’ market in the UK, according to the latest research from PropCast. If you’re wondering what this means, in the simplest terms: it’s the place where aspiring homeowners can potentially snag a property for less than the asking price.
Diving into the numbers, a mere 24% of Manchester homes listed for sale are currently under offer or have contracts in place. This significantly low percentage echoes the sentiments of many property insiders, hinting at Manchester’s favourable climate for buyers.
But Manchester isn’t the only place where the scales tip in favour of buyers. Other regions registering as ‘cold’ markets include:
- Ripon, North Yorkshire with 31%
- Salford, Greater Manchester at 32%
- Truro, Cornwall and Lincoln, Lincolnshire both standing at 34%
Bristol: Sellers’ Dream Destination
Contrastingly, Bristol has established itself as the zenith for sellers, with a whopping 64% of homes listed being under offer or already contracted. Such numbers proclaim Bristol as the UK’s hottest housing market right now.
Charlotte Strang, an esteemed buying agent from Bristol-based firm Strang & Co, offers insights into this phenomenon. Some of Bristol’s most sought-after locales such as Canynge Road, College Fields, Worcester Terrace, Caledonia Place, and West Mall are so in demand that properties only become available once in about 25 years! When they do, it’s no surprise that eager buyers jump at the chance.
Interestingly, the magnetism of Bristol has expanded beyond its borders, attracting attention from London and other southeastern parts. The catalyst? Many are drawn by the city’s charm and are looking to downsize or invest more in a Bristol property due to changing professional and personal needs. The post-pandemic era has seen retirees flocking to Bristol, seeking closeness to family. Moreover, the strong buy-to-let market in Bristol, backed by steady demand from professionals and students alike, has added to its allure.
While Bristol is undeniably sizzling, other regions are also seeing elevated interest:
- Sheffield, South Yorkshire boasts a solid 57%
- Carlisle in Cumbria with 56%
- Cambridge, Cambridgeshire at 55%
- Coventry in the West Midlands and Plymouth in Devon, both at 54%