What Are The Best And Worst Performing UK Real Estate Markets?
The latest research by HBB Solutions reveals the best and worst performing property markets in the UK based on the number of home deals over the last 5 years.
According to the data, the UK real estate market saw an average of almost 1m home deals per year. The researchers broke down the market by area and revealed several curious trends.
The Best Performing Property Markets
As for the most active areas, the South East outperformed other regions, with 143k homes sold annually. The North West and Scotland follow next with similar figures reaching 110k and 101k, accordingly.
At the local authority level, Birmingham outranked other areas. On average, the city saw 12k homes sold each year. Leeds, Glasgow, and Edinburgh came next and ranked in the top 5, with similar numbers hitting around 11k.
On the other side of the table is the City of London. Perhaps surprisingly, this affluent Central London borough saw just 201 homes sold per year over the last 5 years.
However, average property prices in the City of London are well above London averages, meaning a much higher position of the borough regarding the total values.
Rutland and Merthyr Tydfil followed next, with the number of deals climbing to 650 and 739, respectively.
HBB highlights the pandemic property boom over the last two years. However, analysing the market for prolonged periods means much better insights.
When taking into account the data from the last 5 years, the research revealed the most resilient and active property markets, as well as the low-performing ones.
Reviewing the market in small areas is critical for home buyers and sellers alike. These market insights give a much better understanding of where and how to make the next step instead of looking at average numbers across the country as a whole.