Britain’s top 10 places to buy a property where buyers want to live more than anywhere else has been revealed in the latest survey. Once again, London has asserted its dominance as the leading destination sought after by users on Rightmove.
Analysis reveals that the demand for residential properties available for sale in the capital experienced a slight increase of one percent from 2022 to 2023.
In stark contrast, the picturesque region of Cornwall, which secured the second position in popularity, witnessed a significant downturn.
The number of potential buyers actively searching for homes in Cornwall plummeted by a noteworthy 18 percent during the same period.
This considerable decline reflects shifting trends and preferences among prospective homeowners, potentially influenced by various factors such as economic conditions, lifestyle changes, or market dynamics specific to Cornwall.
In regions where property prices are escalating at a rate surpassing the national average, it frequently signals heightened desirability among prospective homebuyers.
Tim Bannister, a property expert from Rightmove said: “Many traditionally popular areas maintained their allure amongst buyers, whilst cheaper areas were also high on the list for buyers last year with affordability stretched.
“We could be seeing home-buyers look to these more affordable cities as a result of what’s happened in the wider property market towards the end of 2022, and throughout 2023, when mortgage rates remained at a historically high level. Mortgage rates have been edging down since July 2023.
In December, the typical asking price for a residence in Great Britain experienced a decline of 1.9 percent, settling at £355,177. Looking ahead, the projections indicate that the average asking prices set by new sellers nationwide will likely decrease by 1 percent by the conclusion of 2024.
This forecast stems from heightened competition among sellers vying to attract potential buyers in the market.
Mr Bannister added: “While it is early days for the 2024 housing market, it will be key to monitor activity as it ramps up through the end of winter and into spring, particularly to track whether sellers are pricing attractively enough to agree a sale with a buyer quickly.”
