Top 10 sales hotspots
If you’re thinking of selling your home soon, you might be wondering what’s happening in the housing market in your local area.
We look at house price changes, buyer demand and sales agreed on a national scale, but there’s are also lots of hyper-local markets at play. So it’s worth noting that what’s happening in one town or postcode could be very different to the next.
Nationally, the number of sales being agreed is 13% higher than during the same period in 2023. Though there are some areas seeing a much higher percentage of homes selling, with four areas more than doubling the percentage of homes marked sold subject to contract compared to this time last year.
The top area – Chard in Somerset – has an average house price considerably less than the regional average, which in the south west is £245,202. Suggesting that some home-buyers are looking to more affordable areas against a backdrop of historically high mortgage rates, and continuing cost-of-living concerns.
Take a look at the current sales hotspots:
| Area | Increase in number of agreed sales vs 2023 | Average asking price |
|---|---|---|
| Chard, Somerset | +123% | £245,202 |
| Hilton, Derbyshire | +112% | £287,201 |
| Padgate, Cheshire | +112% | £228,518 |
| Caerphilly | +104% | £248,696 |
| Keynsham, Bristol | +97% | £377,392 |
| Royton, Greater Manchester | +96% | £227,442 |
| Cramlington, Northumberland | +94% | £194,352 |
| Gerrards Cross, Buckinghamshire | +94% | £1,034,264 |
| Armthorpe, South Yorkshire | +93% | £185,613 |
| Seaham, County Durham | +92% | £158,645 |
Detached houses have seen the biggest jump in sales since 2023
Last year, we saw more subdued activity in the ‘top of the ladder’ sector, which includes the largest homes. This was partly due to the lack of larger homes for sale during this period. Our property expert, Tim Bannister, says:
“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.”
Mortgage rates are now lower now than they were during the peak of July 2023, and we’re seeing the home-movers who put off a move in 2023 coming to market in 2024.
“While 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 last year. 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”, Tim adds.
This has resulted in detached houses seeing the biggest increase (+17%) in the number of sales agreed when compared to last year. While flats, which are often first-time-buyer homes, lagging behind, with sales growing by 6% annually.
| Property type | Increase in number of agreed sales vs 2023 |
|---|---|
| Detached house | +17% |
| Semi-detached house | +12% |
| Bungalow | +10% |
| Terraced house | +9% |
| Flat | +6% |
Thinking of moving in 2024?
If you’re thinking of moving soon and are curious to know how much your home is worth, you can get an instant valuation to give you a quick estimate.
But when your home is ready to be listed for sale, a local expert agent will be based-placed to give you an in-person, accurate valuation. You can do this by requesting an agent valuation here.
The header image for this article was provided courtesy of Symonds & Sampson, Ilminster
