Chard, a town in Somerset, has been named the new sales hotspot, with the number of sales agreed here more than doubling compared to this time last year.
The historic market town nestled within the countryside of South Somerset, close to the Devon and Dorset border, has experienced a 123% surge in property deals, with the average asking price standing at £245,202, according to data from Rightmove.
Second on the list of new sales hotspots is Hilton, in Derby, with an 112% increase in agreed sales compared to last year, and Padgate in Warrington is third (112%), where houses are going for £228,518.
Gerrards Cross, Buckinghamshire, might not be number one on the list – it is actually 8th – but properties here command a staggering £1m average asking price. It has seen a 94% increase in agreed sales over the 12 months to March.
Seaham, in County Durham is last on this list, with sales jumping 92% but it is also the most affordable property hotspot, with houses being put on the market for around £160,000.
Read more: UK property asking prices jump amid strong buyer demand
Overall, across Great Britain, the number of sales being agreed is currently 13% higher than at this time last year. This growth is primarily being driven by sales of detached houses, which have seen the biggest resurgence compared to last year.
“For a long period during the pandemic and into last year, there was very little availability of larger homes. With not much choice of property to move to, this deterred some larger-home sellers from coming to market,” Rightmove’s property expert Tim Bannister said.
“Last year, movers had to adjust from historic low mortgage rates to much higher levels. Whilst some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted. Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market. The increased choice is being met with more demand, resulting in higher numbers of sales,” he added.
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The number of agreed sales for detached houses is currently 17% higher than at this time last year, while smaller flats lag behind at 6%.
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