Newmarket tops supply shortage hotspots as home sales surge by 79%
- Newmarket in Suffolk is revealed as the top new supply shortage hotspot, seeing the biggest gap over the past year between the number of homes selling and new sellers coming to market;
- The number of sales being agreed in the town is up by 79% on last July, while new sellers putting their properties up for sale is down by 49%
- The top ten new supply shortage hotspots are all in South East and East of England, with average asking prices in three of the hotspots – Newmarket, Berkhamsted and Bushey – up by 9% since 2019
- Nationally the average number of available properties on an agent’s books is 16, down from 29 in July 2020
- The shortage areas could provide an opportunity for homeowners considering a move to take action now while stock is low and demand is high
New data from the UK’s biggest property website Rightmove reveals the new supply shortage hotspots around England.
The rankings are calculated based on the biggest changes in the number of homes being marked sold subject to contract and the number of new sellers putting their homes up for sale, compared to July last year.
Newmarket in Suffolk tops the list, which has seen a surge of 79% in sales agreed over the last year, and a 49% drop in new sellers coming to market.
Berkhamsted in Hertfordshire came in second place, with a surge of 58% in sales being agreed, and a drop of 57% in new sellers. Witney in Oxfordshire takes the third spot with sales up 51% and new sellers down 59%.
The stock shortage is being felt across the country, with the average available stock per agent on Rightmove dropping from 29 in July 2020 to just 16 properties now. Around two third of properties have already found a buyer, and some of the hotter areas like Newmarket are seeing a higher rate of three quarters of homes already sold subject to contract.
Tim Bannister, Rightmove’s Director of Property Data comments: “If we think back to July last year the market in England had been open again for around six weeks, the stamp duty holiday was announced, and a summer frenzy was just beginning. 12 months on, the combination of fewer sellers coming to market and sustained demand has resulted in a summer seller shortfall, and so the challenge for agents now is to try and replenish the stock to meet the demand from buyers. For those considering coming to market this year, now could be the time to find out what your home could be worth from a local agent.”
Neil Harris, Director at Cheffins in Newmarket says: “There’s a real shortage of houses for sale which means that for every property which does come available, we see huge levels of interest. We’ve consistently benefitted from Cambridge’s house price growth, and as Cambridge becomes increasingly expensive, coupled with its fast-growing population and booming economy, buyers have continually looked to move to Newmarket in search of more space for their money. Similarly, as the days of the five day a week commute appear to be coming to an end, we’ve seen a growth in buyers from London coming to the area, seeking out countryside and village homes at lower price tags.
“Now would be a good time for would-be sellers to test the market. With the summer holidays coming to an end we are entering a busy period throughout the autumn as people look to move ahead of Christmas. As the international home for horseracing, Newmarket’s strict planning policies have kept new developments to a minimum which has exacerbated the shortage of available stock. Whilst there is a handful of new developments around Newmarket, we don’t anticipate a huge amount of development in the pipeline, which will result in prices continuing to grow.”
|% drop in number of new sellers versus July 2020||% rise in number of sales agreed versus July 2020||
Average Asking Price July 2019
Average Asking Price change versus July 2019
|High Wycombe, Buckinghamshire||-53%||55%||£363,245||£349,043||+4%|
|St. Ives, Cambridgeshire||-56%||49%||£308,187||£294,018||+5%|
Notes to editor
- Sales agreed across England compares July 2021 and July 2020. Wales and Scotland were not included in the study as their markets had only started to open last year
- Average asking prices compares July 2021 and July 2019
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