Newquay named as the most in-demand property hotspot in the UK
There is a warning that the town is facing its 'worst property shortage in over 30 years'
Last updated 14th Apr 2021
It is thought that a Cornish town is experiencing its worst property shortage for 30 years.
Newquay has been named as the most in-demand property hotspot in the UK
According to figures from Rightmove, 82% of all properties put up for sale in the seaside town this year have already sold.
It is followed by Newton-Le-Willows in Merseyside, where 81.8% of properties have sold, and Plymstock in Devon where 81.2% have sold.
The average asking price for a home in Newquay is £351,398, but it costs considerably more for the most in-demand properties by the sea and for those with coveted water views.
Newquay agent Bradley Start, partner at Start & Co Estate, said the area is seeing the worst property shortage for 30 years as out-of-town buyers fuel a demand for housing.
He said: "The stock shortage is the worst I've seen in thirty years and there's just seemingly endless demand.
"It's a mix of locals moving, people buying holiday homes and those relocating completely, which is leading to more out-of-town buyers than we would normally see."
Bradley Start, Start & Co Estate, Newquay
Asking prices in the top 10 seller areas have continued to rise since the market reopened in May 2020 following the first lockdown, with seven of these hitting a new record this year.
The demand is being helped by people looking to leave cities and relocate as working from home becomes the norm.
As a result, the property market is much slower in city centres which have been hit hard by the pandemic - with many seeing just one in five properties on the market sold since the start of the year.
Rightmove said the easing of coronavirus restrictions has increased activity in an already busy housing market.
Across the country almost two out of every three properties are currently sold subject to contract, and available property is down 26% on this time last year, the property website added.
The number of new properties coming up for sale rose by 51% in March, but demand continues to outstrip supply.
So far this year Rightmove has recorded 20 of its busiest days, with a new record set on 7 April when more than 9.3 million visits were made to the website.
Rightmove's director of property data, Tim Bannister, said: "Areas around the north and South West are the stand-out sellers' markets right now, and places in Cornwall and Devon are continuing the trend of a desire to move to the seaside and countryside.
"Suburbs are also faring well as some people move further out from the centre of cities. Both sale and rental properties in city centres have been suffering over the past year as the usual appeal to live there has temporarily been taken away, leading to more stock than usual being available, but we may see these start to shift more quickly over the next few months as lockdown restrictions continue to be removed."
Tim Bannister, Rightmove
Top 10 sellers' market areas by % of properties sold
Newquay, Cornwall - 82.0%
Newton-Le-Willows, Merseyside - 81.8%
Plymstock, Devon - 81.2%
Hailsham, East Sussex - 81.1%
Canvey Island, Essex - 80.5%
Atherton, Manchester - 80.3%
Quedgeley, Gloucestershire - 80.1%
Willingdon, East Sussex - 79.2%
Whitchurch, Bristol - 78.2%
Melksham, Wiltshire - 77.9%
Top 10 buyers' market areas by % of properties sold
Birmingham city centre - 18.4%
Liverpool city centre - 22.0%
Beaconsfield, Buckinghamshire - 29.0%
Manchester city centre - 31.0%
Sunbury-On-Thames, Surrey - 31.4%
Langley, Berkshire - 31.5%
Bushey, Hertfordshire - 31.8%
Norwich city centre - 32.5%
Witney, Oxfordshire - 33.2%
Southampton city centre - 33.3%