House prices in Bath have risen the most of any city in the UK, according to a new study. The cost of buying a home here has gone up 15% over the past year.
Close behind was Truro in Cornwall, where property prices rose 14.8% over the same period. Meanwhile, in Southend-on-Sea, buying a house will cost 13.4% more now than in 2021.
According to experts at Right Move, among the ten most popular cities for homeowners in the UK, the average growth in house prices has been 12.6% since last year. This exceeds the national asking price increase of 9.9%.
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Needless to say, these skyrocketing prices are due to demand for homes exceeding their supply. You’re more likely to feel the pinch in coastal and rural areas, experts said.
Indeed, more and more buyers hope to reconcile the amenities of a city and proximity to work with a desire for more space. Due to the imbalance between supply and demand, there is strong competition among buyers for available homes.
But, while the supply chain in Bath is quite poor, things are even more difficult elsewhere. The mismatch between supply and demand is greatest in Glasgow, followed closely by Stirling and Sheffield.
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Competition has increased the most in Exeter over the past year, having more than doubled to 110%. He was followed by Lancaster 100% and Worcester 99%.
Tim Bannister, director of real estate data at Rightmove, said: “Since the start of the pandemic, we have been tracking some interesting changes in buyers’ relationship with cities. In the early stages of the pandemic, we saw the popularity of some major cities like London drop temporarily. as more people sought more space.
“However, for other cities like Bath or Plymouth, which may have easier access to the coast and countryside, we saw demand soar when the market reopened in 2020. Initially, the supply of available homes has followed some of this increase in demand, stabilizing asking prices.
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“Now we are still seeing very high buyer demand for cities like Bath, Plymouth and Truro, but the number of new homes coming onto the market has not been able to keep pace with buyer demands, which which has led to asking prices accelerating over the past year.”
John O’Malley, CEO of Pacitti Jones in Glasgow, said: “Glasgow’s property market is still very seller’s friendly – and while great for those selling, it can be a turbulent experience for buyers. Seeing properties snap up in a week, it’s understandable that sellers are reluctant to put their own property on the market until they’ve settled on their next home purchase.
“This makes it difficult to bring cash to the market and means that buyers are then absent due to the number of competitors for the same property. As we see over 50 viewers and offers are made within days for each property at come on the market, those with nothing to sell are still able to move faster and therefore remain in favor.This lack of supply then translates into greater demand for available properties and inevitably means that prices property prices in Glasgow remain high.
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Source: www.somersetlive.co.uk
This notice was published: 2022-04-28 23:01:00
