With the country entering its second lockdown of the year so far, the UK property market appears to be heading into unchartered waters with mini-booms and a mad dash to beat the stamp duty deadline.
As you would expect, this unprecedented year for property is revealing some areas where activity amongst buyers is outpacing the rest. But where has come out top?
Newly released research by estate agent comparison site, GetAgent.co.uk, can reveal that Birmingham is currently the hottest pocket of the property market in England and Wales, having seen the most property sales transact since the start of the year.
The firm analysed property market data from the Land Registry looking at sales transactions since the start of the year to see where was home to the most pandemic immune market for current activity.
According to the data, there have been some 289,294 property transactions complete already this year at an average price of £242,041.
At a regional level, the South East has accounted for 15% of these but the nation’s current property sales hotspot isn’t found in this region. With some 3,863 sales so far in 2020, Birmingham is the UK’s current property selling hotspot with an average house price of £189,899.
Leeds is close behind with transactions totalling 3,721 so far this year, while Glasgow (3,139) and Cornwall (3,020) have also seen the number of homes sold exceed 3,000. Edinburgh, Durham, Sheffield, Wiltshire, Bradford and Cheshire East also make the top 10 for the most homes sold so far this year.
At the other end of the table, the City of London may be home to an average house price of £814,665 but there have been just 52 property transactions in 2020; the lowest in the UK. The Western, Shetland and Orkney Islands also rank with some of the lowest levels of property transactions.
Back on the mainland, Rutland (194), Richmondshire (213), Merthyr Tydfil (231), Melton (251), Ryedale (260) and North Warwickshire (263) are amongst the quietest pockets of the UK property market.
Colby Short, Founder and CEO of GetAgent.co.uk said, “Homebuyers have hit the market hard over the last few months and this is starting to show where overall transactions are concerned.
“Birmingham tops the table with the most market activity of all UK locations so far this year, with other more affordable major cities also ranking as some of the busiest with regard to home sales.
“While the hope of a stamp duty saving remains, we should see buyers demand and transaction levels remain robust as we approach the end of the year.”