Almost two thirds of the UK’s largest cities are experiencing a property selling boom, according to Apropos.
The letting firm analysed year-on-year data and found the number of properties advertised for sale has risen by between 1-55% in 12 of the country’s largest cities.
Edinburgh has had the largest increase, with 55% more homes available in December 2020 than the same period the year before. London was close behind with a 40% rise, followed by Brighton (26%), Bristol (21%) and Coventry (20%).
At the other end of the market Bradford had the highest drop with 23% fewer advertised properties. Liverpool was down 18%, then Newcastle (17%), Derby (11%) and Hull (6%).
David Alexander, joint chief executive officer of Apropos, says these figures confirm the continuation of the property boom which began after lockdown eased and the stamp duty holiday was introduced in July.
“This demand, which was initially expected to be the result of pent-up demand, has defied expectations and continued throughout the second half of the year and shows little sign of abating with buyers keen to get their sale through before the ending of the stamp duty holiday at the end of March.”
“What is certain is that the importance of property and living in the ideal home has never been so central to people’s lives. Individuals are desperate to move to ensure they have a property which is suitable and appropriate to the way people want, and have to, live now and in the future.”
Commenting on what might happen after the stamp duty deadline, he adds: “The strength of the market will be dependent upon what happens with employment levels, corporate insolvencies, and how quickly the economy can bounce back.”
“These numbers are encouraging signs that the government’s policies to encourage the property market have worked. However, they need to ensure that the next six months are as positive if the property market is to sustain this growth.”
This post has originally been featured in Property Investor Today.