Chard in Somerset is the new UK sales hotspot, according to Rightmove.
New data from the property portal has revealed that the number of sales agreed in Chard has more than doubled (+123%) compared to this time last year.
Hilton, in Derby is second in the list of hotspots (+112%) and Padgate in Warrington is third (+112%).
Below are the 10 places where sales of homes have increased by the most:
Property hotspots
| Area | Increase in number of agreed sales vs 2023 | Average asking price |
| Chard, Somerset | +123% | £245,202 |
| Hilton, Derbyshire | +112% | £287,201 |
| Padgate, Cheshire | +112% | £228,518 |
| Caerphilly | +104% | £248,696 |
| Keynsham, Bristol | +97% | £377,392 |
| Royton, Greater Manchester | +96% | £227,442 |
| Cramlington, Northumberland | +94% | £194,352 |
| Gerrards Cross, Buckinghamshire | +94% | £1,034,264 |
| Armthorpe, South Yorkshire | +93% | £185,613 |
| Seaham, County Durham | +92% | £158,645 |
Detached homes lead the rise
Rightmove said the the rise in the number of sales being agreed is 13% higher than last year, and is driven by detached homes, for which sales are up 17%.
Some of the factors contributing to an increase in buyer activity for larger houses include wider availability, some pent-up demand from last year, and lower mortgage rates than at the peak in July last year.
Rightmove’s property expert Tim Bannister said: “For a long period during the pandemic and into last year, there was very little availability of larger homes. With not much choice of property to move to, this deterred some larger-home sellers from coming to market.
“Last year, movers had to adjust from historic low mortgage rates to much higher levels. Whilst some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted. Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market. The increased choice is being met with more demand, resulting in higher numbers of sales.”
Ben Gee, founder of Hat and Home in Berkshire, added: “The first 10 weeks of 2024 has seen a noticeable shift in demand with 25% more applicants registering to buy compared to the same period last year.
“What’s particularly interesting is that registrations for properties over £700,000 have increased by 41%. A lot of people sat on their hands last year whilst mortgage rates were higher as the impact on borrowing and affordability simply meant they couldn’t get what they wanted in order to compel them to move.
“Now we are in a lower rate environment, those buyers are coming back, as their ‘need’ for making a move has probably intensified, and it’s a more cost-efficient time to do it.”
