House prices: Expert discusses 'interesting' pricing differences
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Property experts at home purchasing specialist, HBB Solutions, have revealed which areas of the UK housing market are the best and worst for selling a home. The latest research is based on the most muted market performance seen over the last five years. The company analysed the average annual number of homes sold across each area of the UK over the last five years which then revealed the property markets that have consistently ranked as the best and worst to sell a home.
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The figures show that over the last five years, an average of 986,839 homes have been sold across the UK each and every year.
The best and worst place to sell a home
Best areas to sell a home over the last five years:
3. City of Glasgow
4. City of Edinburgh
Worst areas to sell a home over the last five years:
1. City of London
3. Merthyr Tydfil
5. Oadby and Wigston
Best performing areas
The southeast came out on top as the best performing region with an annual average of 143,886 homes sold each year.
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The southeast was then followed by the northwest (110,437) and Scotland (101,885).
On a local level, Birmingham has been the UK’s home seller hotspot, with an average of 12,179 properties sold on an annual basis.
Leeds also ranked in the top five with 11,726 homes sold on average each year.
Glasgow (11,579), Edinburgh (11,369) and Cornwall (10,093) also ranking within the top five.
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Worst performing areas
The City of London, Rutland and Merthyr Tydfil were top of the table when it came to being the worst place to sell a home.
An average of just 201 homes per year have been sold across the City of London over the last five years.
Rutland saw just 650 sell per year within the last five years while Merthyr Tydfil saw just 739 per year.
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Richmondshire (746) and Oadby and Wigston (774) also ranked within the top five areas for the lowest sales volumes.
Managing Director of House Buyer Bureau, Chris Hodgkinson, said this data is an “incredibly important consideration” when homeowners come to sell their homes.
He said: “The pandemic property market boom has pushed house prices and transaction levels to record highs over the last two years, but a period of unprecedented boom doesn’t necessarily reveal where the best performing pockets of the housing market are.
“When also taking into account a prolonged period where the market underperformed due to political uncertainty caused by Brexit, we can see which towns and cities have put in the strongest and most consistent performance over a longer period of time.
“That isn’t to say that those areas to have seen the lowest level of sales volumes aren’t desirable, but it highlights the diversity of the market and how one area won’t necessarily enjoy the same boom period as another.
“This is an incredibly important consideration when looking to sell your home as these granular levels of market activity and the prices achieved locally are the factors that will impact your chances of selling, not the benchmark set by the UK average.”
The latest data from the Office for National Statistics (ONS) reported today that house price growth slowed from 12.8 percent to 7.8 percent between May and June.
With house prices now cooling and interest rates on the rise, experts are predicting that more house price falls are imminent as the cost of living crisis catches up with the housing market.
As wages drop and mortgage rates surge, it’s making it a lot harder for people to afford a mortgage which will in turn lessen buyer demand.
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