Chard in Somerset is new sales hotspot and detached houses make a comeback

• New data reveals that Chard, a town in Somerset, is the new sales hotspot, with the number of sales agreed more than doubling (+123%) compared to this time last year
• Hilton, in Derby is second in the list of hotspots (+112%) and Padgate in Warrington is third (+112%)
• Overall, the number of sales being agreed is 13% higher than last year, driven by detached homes:
  • Sales agreed for detached houses is up by 17% compared to last year, versus 6% for flats
• 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

New data from the UK’s biggest property website Rightmove reveals that Chard, a town in Somerset, is the new sales hotspot, with the number of sales agreed more than doubling (+123%) compared to this time last year.

Second on the list of new sales hotspots is Hilton, in Derby, with an 112% increase in agreed sales compared to last year, and Padgate in Warrington is third (+112%).

Meanwhile, across Great Britain, the number of sales being agreed is currently 13% 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% higher than at this time last year, while smaller flats lag behind at +6%.

Some of the factors which are now contributing to an increase in buyer activity for larger houses include wider availability, some pent-up demand from last year, and lower mortgage rates than at the peak in July last year.

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.” 

Ben Gee, Founder of Hat and Home in Berkshire said: “The first 10 weeks of 2024 has seen a noticeable shift in demand with 25% more applicants registering to buy compared to the same period last year. What’s particularly interesting is that registrations for properties over £700,000 have increased by 41%. A lot of people sat on their hands last year whilst mortgage rates were higher as the impact on borrowing and affordability simply meant they couldn’t get what they wanted in order to compel them to move.  Now we are in a lower rate environment, those buyers are coming back, as their ‘need’ for making a move has probably intensified, and it’s a more cost-efficient time to do it.”

ENDS

About Rightmove

• Rightmove has the UK’s largest selection of properties for sale and to rent, and over 80% of all time spent on property portals is on Rightmove
• Rightmove’s purpose is to make home moving easier in the UK by creating a simpler and more efficient property marketplace
• People can search Rightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools
• Customers include the following key groups: estate agents, lettings agents, new homes developers, commercial property operators and overseas property agents
• Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and is a member of the FTSE 100 index
• The first Rightmove House Price Index was published in 2002 and is the largest monthly sample of residential property asking prices and housing market activity in the UK