Last Month the town of Shirley in Solihull in the West Midlands was been named the biggest property hotspot in February with increased competition pushing asking prices by more than 10% the highest rise in the UK
Competition between buyers for the homes accessible for sale in Shirley more than doubled compared to the same period last year, measured by the number of people sending enquiries to estate agents about each available property,.
Hotspots are areas where more new properties are coming onto the market for sale than the same period last year.
Thi is also great news for local Solihull locksmiths who are typically called upon when a house chnages hands becuase you never know who has a key to the property
Jesmond, a suburb of Newcastle-Upon-Tyne, is second on the list of hotspots (+141%) and Chorlton Cum Hardy in Greater Manchester is third (+138%).
New properties coming to the market in Jesmond had an average asking tag of £361,564, a 23% from February last year. Houses in Chorlton Cum Hardy came with a £355,306 price tag, up 6%.
Asking prices have increased by an average of 11% in the hotspots compared to this time last year, as greater competition has supported price growth, however price movements in each area vary due to differing supply and demand dynamics since the pandemic started.
Tim Bannister, Rightmove’s director of property data, said: “Over the last year, supply and demand imbalance has led to greater competition between buyers in many areas of Great Britain. The data highlights that as pandemic restrictions have been lifted, competition has increased most in areas just outside Birmingham, Newcastle and Manchester, as more people look to be closer to cities either for work or for their lifestyle.”
In London, Balham is the competition hotspot, with competition between buyers increasing by 113%. Upminster is second on the list of London hotspots (+108%) and Chessington is third (+106%).
