Simon Morris keeps an eye on all the latest UK property news in his capacity as a London-based independent property specialist who acts as an advisor to UK property investment funds. In this blogpost he looks at the UKs hottest residential property market.
There’s been a great deal of news coverage and talk in the press about the property market in London. Some commentators have mentioned a possible bubble, houses are being snapped up in London, but it’s not even the hottest property market in the UK.
Where houses sell the fastest
An article in The Independent this week named Cambridge as the UK town with the hottest property market. Based on data from the property website Rightmove, they found that property listed for sale in Cambridge takes just 27 days to change hands. Property in Greater London takes, on average 41 days sell.
Cambridge is famous as a University City with a long and rich history, but the property boom there isn’t being led by student housing. According to estate agents in the area there is a need for student housing, but also an increased demand from professionals in the area. The city has become a base for science and technological firms in recent years.
Above asking price and sold within 2 weeks
The city is expecting a new £26 million railway station, and recently the drugs giant AstraZeneca has vowed to make the city its worldwide home. The impact on the property market in the area has been apparent, the majority of houses sell for above their asking price – some within 2 weeks of being listed.
Next to Cambridge, other areas that are proving hotbeds are unsurprisingly London boroughs, Lewisham and Sutton are both following in Cambridge’s footsteps with 29 days from listing to sale.
London leads the way
London house prizes are up 20.1percent year on year, according to the Office for National Statistics. House prices in the UK as a whole have risen 10.5 percent.
Selling a property has speeded up all across Britain, but London has led the way with completion times falling 32 per cent year on year. While London strides ahead Powys in mid-Wales is at the back of the pack, with completion time on average at 113 days.
Commercial property versus residential
The property market continues to look good for investors, even if you don’t invest in bricks and motor property. As a specialist who acts as an advisor to UK property investment funds, I’d always advise that you take full independent advice before committing to any investment. I’d also recommend you examine your exposure to risk.