There has been a whopping 112% growth year-on-year in property completions during January, and sellers in the UK’s biggest cities seem to have the most confidence.
NetAnAgent, an online comparison website for estate agents, recently released research on listing enquiries, property completions, and confidence from potential buyers and sellers. The data showed there has been a 35% increase in listing enquiries year-on-year in January. As property completions are also up, these numbers make it clear the UK property market is still being resilient despite current political and economic uncertainty.
An increase in sellers interested in putting their property on the market
Property Reporter recently analysed NetAnAgent’s research, which revealed an increase in confidence among potential sellers putting their houses to valuation, particularly those located in big cities. The comparison website for estate agents looked at the ratio of properties listed vs the number of properties that selected a valuation or instruction in the past three months.
In the index, the average score for all of the UK was 19.5. The 10 biggest cities all outperformed that average. Edinburgh was at the top of the list with a score of 36, while Bristol followed with 32.
Alex Thorpe, chief executive of NetAnAgent, stated: “As ever, when looking at consumer confidence there are always a number of elements to take into account. Whilst some potential vendors are more likely to request a valuation via online channels, due to time restraints or just being more online savvy, the figures seem to show that home owners wanting to sell have had enough of the waiting game.
Confidence surges in the north and Midlands
The north and Midlands were well represented on NetAnAgent’s list. Liverpool secured a spot in third out of the UK’s largest cities with a score of 30. The city by the Mersey has boasted recent house price growth, a variety of regeneration projects, and has become a buy-to-let hotspot.
Birmingham came in fifth with 27. Confidence is high in Britain’s second city with building numbers soaring and demand increasing in the city centre. Additionally, building for the 2022 Commonwealth Games will bring more development to Birmingham.
At sixth, Leeds scored 26 and boasts opportunities for housing investment growth with many areas of the city being revitalised. Leeds also saw ground break on 21 projects in 2018, which is the most since 2002. Further growth is expected as the number of homes in the city centre could double in the coming years.
Manchester was ranked 10th with a score of 20. Residential construction has reached record levels there, in addition to the building of office space. On top of that, Manchester is set to remain one of the UK’s fastest growing economies.
It’s easy to see why buyers and sellers alike have confidence in the UK’s biggest cities, especially those in the north and Midlands. These regions have seen impressive growth in the property sector and have even defied house price uncertainty following the Brexit referendum.
Mr Thorpe commented: “Regardless of the outcome of the protracted Brexit process, and with the possibility of an extension of Article 50 it appears, that UK sellers are ready to make their move and have been flocking to our site to get the ball rolling.”