Phil Spencer on challenges in UK property market
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While the property market remains busy in coastal locations, Rightmove said it is starting to see a slowdown in buyers looking for homes by the sea, when compared to the last couple of years. Instead, buyers are now looking to move to cities, where there are great transport links and a busy city centre.
Rightmove’s property expert, Tim Bannister, said: “Though demand is still high in many coastal areas, it has slowed from the heady levels seen in parts of 2020 and 2021.
“As more choice becomes available in these seaside areas, we’re seeing some of the competition between buyers and renters begin to cool off.”
According to Rightmove, home-movers are retiring to city locations.
While coastal locations begin to cool, competition between buyers and renters has risen across UK’s 50 largest cities.
It has risen by an average of 13 percent for buyers and 29 percent for renters over the last year.
Rightmove said it is measured by the number of buyers contacting estate agents in an area, compared with the number of properties in that location.
As demand eases, and the number of properties for sale in an area increases, competition between buyers becomes less fierce.
According to the estate agent, Bath is the number one city hotspot.
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Competition between buyers has increased by 49 percent since the same period in 2021 and the average house price in the city is now £558,882.
In second place was Carlisle with competition increasing by 42 percent, followed by Newcastle upon Tyne.
London was in fourth place, with competition increasing by 35 percent.
Buyers looking to move to London can now expect to pay an average asking price of £689,230.
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In fifth place was Oxford, where competition has risen by 33 percent, followed by Chester in sixth.
Home-movers looking to move to Chester can expect to pay an average asking price of £296,556.
Southampton was seventh, followed by St.Albans, Dundee and Cambridge.
Rightmove said they are seeing increased competition in northern cities with Carlisle and Newcastle Upon Tyne both making the top 10 list.
They said: “In Carlisle, the average house price sits £212,000 below the current national average.
“As well as a vibrant city centre with a historic castle and cathedral, the Lake District, the nation’s biggest national park, is nearby.
“Newcastle Upon Tyne’s famed Quayside, world-renowned arts scene and nightlife are also attracting home-buyers, with competition between buyers up 36 percent since 2021.”
As well as competition increasing amongst home-buyers, Rightmove has also found competition in cities is also increasing for rental homes.
Competition between tenants has increased by 134 percent in Edinburgh and 115 percent in London compared to the same period in 2021.
Renters are also competing for homes in Salford, Southampton, Durham and Cardiff.
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