Manchester the top buyers’ market

Aspiring buyers have the best chance of buying under the asking price in Manchester, which is currently the UK’s coolest city market, PropCast research reveals.

In the city just 24% of homes for sale are under offer or subject to contract, suggesting it’s very much a buyers’ market.

Other ‘cold’ markets are Ripon in North Yorkshire (31%), Salford in Greater Manchester (32%), Truro in Cornwall (34%), and Lincoln, Lincolnshire (34%).

Bristol the biggest sellers’ market

At the other end of the spectrum, in Bristol 64% of homes for sale are under offer or subject to contract, suggesting it’s currently the hottest housing market.

The region is currently both competitive for rentals and sales, suggesting many want to move to the South West’s most populous city.

Charlotte Strang at Strang & Co, a Bristol based buying agent, said: “At the upper end of the market, sought after streets such as Canynge Road, College Fields, Worcester Terrace, Caledonia Place and West Mall will only see properties come up for sale only once every 25 years or so, so when they do, buyers are seizing the opportunity.

“Demand is typically emanating from London and other parts of the south-east, fuelled heavily by very low stock levels, particularly in Clifton, Redland, Leigh Woods and Sneyd Park. For example, some purchasers only need to be in London for circa three days per week and are downsizing their property requirements, or they are selling to allocate greater funds to a home in Bristol.

“Since the pandemic particularly, we have also seen a large number of retirees who are moving to Bristol to be closer to children and grandchildren. The buy-to-let market also plays a big part due to the attractive returns available combined with consistent demand, not only from professionals working in the City but from students at the University of Bristol and the University of the West of England (UWE).”

Other hot markets are Sheffield, South Yorkshire (57%), Carlisle in Cumbria (56%), Cambridge, Cambridgeshire (55%), Coventry in the West Midlands (54%), and Plymouth in Devon (54%).