Newmarket revealed as top supply shortage hotspot
Newmarket in Suffolk has marked the biggest gap between the number of homes sold and new sellers over the past year.
The town’s number of agreed sales was up 79 per cent on last July while new sellers entering the market has dropped 49 per cent, according to fresh data from property website Rightmove.
Areas in the South East and East of England solely make up the top ten supply shortage hotspots.
Berkhamsted in Hertfordshire marked a rise of 58 per cent in agreedsales and 57 per cent fall in new sellers, followed by Witney in Oxfordshire followed, which saw sales up 51 per cent and new sellers down 59 per cent.
Average asking prices in three areas – Newmarket, Berkhamsted and Bushey – were up nine per cent since 2019.
Homeowners considering selling their properties have been encouraged to act now while demand is high and stocks are low.
The national average number of properties on an agent’s book has dropped to 16, down from 29 in July 2020.
Tim Bannister, Rightmove’s director of property data said: “If we think back to July last year the market in England had been open again for around six weeks, the stamp duty holiday was announced, and a summer frenzy was just beginning.”
He added: “12 months on, the combination of fewer sellers coming to market and sustained demand has resulted in a summer seller shortfall, and so the challenge for agents now is to try and replenish the stock to meet the demand from buyers.”