The latest research from the homebuying platform, YesHomebuyers, has revealed which areas of the UK property market have seen the least action over the last five years based on the average number of annual transactions.
Homes are selling at an alarming rate in current market conditions as buyers fight it out for what limited stock is available on the market. But the scramble for homeownership is no new phenomenon and in the last five years, an average of 978,242 homes have sold across the UK each and every year.
Areas such as Birmingham, Leeds, Glasgow, Edinburgh and Cornwall have seen in excess of 10,000 homes sold per year on average, but not everywhere across the UK has seen the same rate of homes change hands.
Since 2016, an average of just 196 properties per year have been sold across the City of London, the lowest of all areas of the UK.
Rutland in the East Midlands has seen just 676 homes sold per year, while Merthyr Tydfil is the third quietest spot of the UK and the quietest in Wales, with an average of just 715 homes sold annually.
Richmondshire in Yorkshire and Humber sees an average of 748 properties sold per year, with Oadby and Wigston (760) and Melton (798) joining Rutland in the top 10 as some of the quietest spots in the East Midlands and wider UK market.
Blaenau Gwent (854) ranks as the seventh quietest spot in the UK market, followed by Clackmannanshire (902) which is also the quietest spot in Scotland.
Eden (914) in the North West and West Devon (924) in the South West complete the top 10 and are the quietest spots of the property market in their respective regions.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “In a market where homes are flying off the shelf as quickly as they’re being added it’s easy to forget that not everywhere in the UK will see the same frenzied levels of buyer activity. The UK market is incredibly diverse and there are a whole host of reasons that might see an area clock up very few transactions each and every year.
The City of London is a good example of a pocket of the market that is small in size and fairly sparse in terms of stock, as much of the area is focused on commercial property. While the residential market has been hit hard during the pandemic, a low level of annual transactions doesn’t necessarily indicate that it’s out of favour and the number of sales is relative to the stock available.
Other areas may share the same geographical restrictions or they may be home to a vast landmass that is dominated by a rural landscape, again resulting in a lower level of available stock. A lack of transport links, amenities, or housing suitable for families or single working professionals may also have an influence on the level of homes sold every year, and so while these are the quietest spots of the property market we’re certainly not suggesting they are the least popular.”