Where are the biggest housing supply shortage hotspots?
Fri 03 Sep 2021
New data from Rightmove has revealed the new supply shortage hotspots around England.
The rankings are calculated based on the biggest changes in the number of homes being marked sold subject to contract and the number of new sellers putting their homes up for sale, compared to July last year.
Newmarket in Suffolk tops the list, which has seen a surge of 79% in sales agreed over the last year, and a 49% drop in new sellers coming to market.Berkhamsted in Hertfordshire came in second place, with a surge of 58% in sales being agreed, and a drop of 57% in new sellers. Witney in Oxfordshire takes the third spot with sales up 51% and new sellers down 59%.
The stock shortage is being felt across the country, with the average available stock per agent on Rightmove dropping from 29 in July 2020 to just 16 properties now. Around two third of properties have already found a buyer, and some of the hotter areas like Newmarket are seeing a higher rate of three quarters of homes already sold subject to contract.
Tim Bannister, Rightmove’s director of property data, commented: “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.
"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. For those considering coming to market this year, now could be the time to find out what your home could be worth from a local agent.”