House selling weather forecast, PropCast, has revealed how many of Greater Manchester’s 91 postcode districts are in a sellers’ (hot) market or a buyers’ (cold) market, before naming the ten best and worst locations to be selling a home.
By counting the number of properties for sale across Greater Manchester and calculating the percentage of those under offer or subject to contract – portrayed as a temperature recording – PropCast has found 91.2% of postcode districts have a market heat temperature of at least 35°, indicating they are in a sellers’ market. This is when there are more buyers than properties for sale, placing the balance of power in favour of home sellers.
May figures revealed postcode district M32 recorded the hottest marketheat temperature at 70°, where local homeowners are in the best-selling position to be selling a home. This is followed by postcode districts M6 (63°), M27 (63°), M38 (59°), SK4 (57°), M33 (57°), SK1 (56°), SK3 (55°), OL7 (55°) and M24 (55°).
Meanwhile, 8.8% of Greater Manchester’s postcode districts are in a buyers’ market, and in a much harder position to be selling their home. The coldest location is M17which recorded a market heat temperature of 0°, followed by postcode districts M2 (20°), M5 (25°), M3 (25°), M50 (27°), SK22 (27°), OL14 (33°) and SK12 (34°) – who sits just under the sellers’ market threshold.
Analysis of the historic data reveals that over the last twelve months, buyer demand rose for just over a third of Greater Manchester’s postcode districts, with M40 seeing the biggest growth at 34%. However, with buyer demand slipping for 57% of postcodes districts, this indicates cooling market conditions and signals a slowdown in house price growth overall.This is a vast difference when looking further back to the June 2016 Brexit vote, where buyer demand rose for 77% of Greater Manchester’s postcode districts, meaning it was much easier for home sellers three years ago than it is now.
Gavin Brazg, founder of TheAdvisory and creator of PropCast comments; “Although the majority of Greater Manchester sellers retain the upper hand despite Brexit uncertainty, they still need to position their asking price competitively against other similar houses for sale, if they want to attract multiple offers and achieve the best possible price. The local market has been cooling since the UK’s decision to leave the EU.
“Meanwhile those sellers in cold buyers’ markets should not be downhearted because it’s still absolutely possible to sell quickly. Buyers are out there; they’re just really picky and only interested in the houses that represent best value for money. A good goal for house sellers in this type of market is to try to position their home so it’s the best home at the cheapest price. That’s the most effective way to get serious buyers through your door and making offers.”
By noting where’s ‘hot’ (sellers’ market) and where’s ‘not’ (buyers’ market), PropCast can help homeowners determine how ‘quick and easy’ or ‘slow and hard’ it will be to sell their homes. At a time where conflicting information about the housing market causes confusion to homeowners, the figures allow people to confidentially identify true local market conditions, make more informed decisions about how best to sell their homes, and ultimately achieve better results in less time.
For more information about PropCast, contact Lucy Tinkler on lucyt@marvellouspr.co.uk.
