A ‘sellers’ market’ in the north
Rightmove’s report shows that regions in the north of Britain have 4.3% less stock available for buyers compared to a year ago. This contrasts to the south where more properties are available to buyers. Furthermore, homes for sale in the north are significantly more affordable than in the south. As Shipside observes:
“This demand, fuelled by prices that in comparison to the south are still relatively affordable, have meant the number of properties left available to buy has dwindled in the North and increased in the south.”
With fewer houses on the market, there is less competition in the north, meaning houses are getting snapped up quickly. Subsequently it is a seller’s market in the north of the country, meaning vendors can realistically put their houses on the market at a higher price than sellers in the south where there is more buyer choice.
As Shipside notes:
“The reduction in property choice for buyers in the north compared to a year ago is a result of property for sale being snapped up, meaning it’s more of a seller’s market there.”
This can be seen as welcomed news for homeowners thinking of putting their property on the market in northern areas of the UK, where, due to a lack of buyer choice, they can afford to put a higher asking price on the property.
If you are thinking about taking advantage of the ‘sellers’ market’ in the north and putting your property on the market in Bradford, get in touch with us.
Alternatively, if you looking to purchase a property in the region, take a look at the diverse range of properties available on our books. Our friendly and professional team of estate agents can take care of all your buying and selling requirements in Bradford.