Bristol is home to five of the strongest home-sellers’ markets
The housing market has returned towards more normal levels of activity this year, following an exceptionally busy 2021 and first half of 2022.
The number of available properties for sale at the moment is lower than at this time in 2019, but has steadily improved compared with the record low levels of the pandemic market. A typical estate agent currently has 27 properties for sale on their books, up from 15 last year, but lower than the 31 in 2019.
And our latest local snapshot of home-seller activity shows that in many areas, the majority of homes that are listed for sale still successfully find a buyer.
So, we’ve taken a closer look at the local housing markets across Great Britain to find out where the strongest areas for home-sellers are in 2023.
The top 10 strongest home-sellers’ markets of the year so far
St. George in Bristol takes the top spot, with eight in ten (80%) of homes listed for sale so far this year being marked Sold Subject to Contract (SSTC). The average asking price for a home in the popular district is just above £316,000, which is lower than the national average of £371,907.
Bishopston, also in Bristol is second (79%) and Heaton in Newcastle is third (77%). The rest of the top five is made up of Horfield (77%) and Fishponds (76%), also both districts of Bristol. The city has remained popular with home-buyers this year and is consistently one of the most in-demand locations outside of London.
The top 10 areas with the highest percentage of homes listed this year that have been marked ‘Sold Subject to Contract’ (SSTC)
| Area | % of homes marked SSTC |
|---|---|
| St. George | 80% |
| Bishopston | 79% |
| Heaton | 77% |
| Horfield | 77% |
| Fishponds | 76% |
| Port Talbot | 74% |
| Chorlton Cum Hardy | 74% |
| Wallsend | 74% |
| Roundhay | 73% |
| Bedminster | 73% |
The best way to sell a home in the current market
Many home-buyers are having to consider their affordability due to rising mortgage rates, though fixed-rate deals are improving. The current average five-year fixed mortgage rate is 5.86%, up from 3.85% this time a year ago, but lower than the average of 6.10% on offer just three weeks ago. You can check the current UK mortgage rates here.
For motivated home-sellers, estate agents report that getting the asking price right first time is key to attracting a buyer in the current market. Our research shows that homes that need a reduction in asking price are more than 10% less likely to find a buyer than those that were priced right from first listing.
Our property expert Tim Bannister says: “Though faced with the challenge of rising mortgage rates, buyers that can afford to move will find they have more choice and may be more likely to find a home that suits their needs than during the pandemic.
“Estate agents report that sellers wanting to attract a buyer in the current market need to be realistic on price, with those who are willing to price most competitively being more likely to have their home marked SSTC,” he adds.
READ MORE: Check the current UK mortgage rates
The header image of this article is provided courtesy of Elephant, Bishopston
