The UK continues to be a hub of opportunity for investors and homeowners alike. Research by Sirius Property Finance reveals where the fastest-expanding areas of the property market are.
How was the research conducted?
The number of new build homes arriving on the market was analysed across each area of England to pinpoint hotspots for market activity in the UK.
What did the research find?
The research found that in 2022, 176,570 new homes were completed – an increase of 0.7% from last year.
The area with the most new homes built were the East Midlands – where 19,280 new homes were built – and the East of England, which saw 24,590 new-build completions.
The residential market in these regions increased by 0.9% – the largest of all regions of England.
Here’s a breakdown of the level of growth:
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Milton Keynes (+2.36%)
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Rushcliffe (+2.33%)
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Mid Suffolk (+2.27%)
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South Derbyshire (+2.18%)
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Vale of White Horse (+2.11%)
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East Cambridgeshire (2.04%)
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East Hertfordshire (+1.95%)
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Tewkesbury (+1.94%)
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Lichfield (+1.93%)
What could this mean for buyers and sellers?
A significant improvement in housing supply in the UK is good news for both buyers and sellers. Here are some potential effects:
For buyers:
Increased choice
A larger housing supply means buyers would have more options to choose from. They would have a greater selection of properties in different locations, sizes, and price ranges, increasing the likelihood of finding a suitable home.
Competitive pricing
With more homes available for sale, buyers may have more negotiating power.
Reduced competition
In a market with limited supply, buyers often face stiff competition from other prospective buyers. However, improved housing supply may alleviate some of the competition, allowing buyers to take their time and make more informed decisions.
Improved affordability:
If the increased housing supply leads to more affordable options, it could make homeownership more accessible to a larger segment of the population. This may be particularly beneficial for first-time buyers and those on a tighter budget.
For sellers:
Increased selling opportunities
With more homes on the market, sellers have a higher chance of finding potential buyers. The larger pool of buyers could lead to a quicker sale and reduce the time a property spends on the market.
Competitive pricing
While increased supply might put downward pressure on prices, sellers could benefit from a more active market. If demand remains strong and the supply increase is not excessive, sellers may still be able to achieve favourable prices for their properties.
Easier upgrading or downsizing
Improved housing supply may facilitate the process of moving to a new home. Sellers who are looking to upgrade to a larger property or downsize to a smaller one will have more options available to meet their changing needs.
Market stability
A balanced housing supply can contribute to a more stable market, reducing the volatility associated with significant supply shortages. Stable market conditions can provide sellers with greater confidence in their ability to sell and move on to their next home.
Whether you’re thinking about buying or selling, contact our expert team today to find out how we can help
