London Property Market is cooling whilst Manchester and Birmingham heat up
In a time when house sales remain flat or falling, propcast have issued their figures for August, informing the public about how different regions fair in terms of house selling.
According to HMRC statistics: “UK home sales fell by 3% to 96,340 in June. In the three months to June sales were unchanged from the previous three months. The volume of residential transactions has been broadly flat over the past year and is likely to remain so in the coming months.”
It would seem that the weather map highlights a significantly different outlook for various sections of the UK. If you enjoy the sun, and like the benefit of putting your house up for sale in a sellers market, then you should be looking at selling property in Birmingham or Manchester.
According to three Birmingham postcodes, 69%-72% of houses were currently under offer or sold subject to contract; Similarly houses in the Manchester M32 postcode also had 69% of houses in the selling process.
In stark contrast, there are many areas of the country experiencing difficulties in selling property. Interestingly, the figures indicate that some areas of London are finding a frosty reception from potential buyers.
If you are selling a house in the lucrative Aldwych and Trafalgar Square section of London, you will need to ready yourself for the buyers-market storm of reduced offers and property snubbing. Worringly, only 8% of August properties are currently involved in the buying process and only 9% of central Liverpool property have achieved successful offers.
Despite the aggressive London market, amazingly, seven London postcodes are struggling to sell the houses currently on the market.
Although the current market is stagnating, flat or even falling, many can take solace that there are still some regions that can sell homes quickly and efficiently.
Have you experienced a region of the country that is struggling to sell homes? How does this fluctuating market affect your business?