New research by YOPA reveals a striking trend in England's housing market. The East of England tops the list for overall sales volume, with nearly 3.9 million homes sold over the past five years. However, London boroughs lead in market activity by turnover rate. Tower Hamlets shows a 43.1% turnover rate, with Hackney, Lambeth, and Wandsworth following. Norwich stands out outside the capital with a 31.2% turnover rate. This study highlights the significant local variations in market activity, crucial for homeowners and buyers understanding property values and making informed decisions.
New research by YOPA, a real estate agency, reveals a surprising trend in England's housing market. While the East of England has seen the most overall sales volume at nearly 3.9 million homes in the past five years, London boroughs dominate the list of most active local markets when considering turnover rate.
The study compared the total number of completed residential transactions over the last five years to the existing owner-occupied housing stock in each area. Nationally, this translates to 23.9% of all owner-occupied properties changing hands. The East of England leads in overall sales activity with transactions accounting for 24.5% of its 1.6 million owner-occupied homes.
However, a deeper dive into individual local authorities reveals a different story. Six out of the ten most active markets are located within London. The London Borough of Tower Hamlets takes the top spot with a remarkable 43.1% turnover rate. This means that in just five years, nearly half (approximately 16,483) of all owner-occupied properties in the borough were sold. Hackney (34.8%), Lambeth (34.8%), and Wandsworth (33.3%) follow closely behind, all experiencing significant market activity.
Outside of London, Norwich emerges as the most active non-capital city, with 9,739 homes sold in the past five years, representing 31.2% of its owner-occupied housing stock. Other notable areas outside the capital include Hastings (30.9%), South Derbyshire (29.7%), and Milton Keynes (29.5%).
Interestingly, some London boroughs - Brent, Harrow, and Redbridge - show a stark contrast. These areas have the lowest turnover rates in the study, with only 16.5% of their owner-occupied homes being sold in the last five years.
Commenting on the findings, Steve Anderson, YOPA's National Franchise Director, emphasises the importance of understanding local market dynamics. He highlights the significant variation in activity levels, even within a single city like London. This knowledge can be crucial for homeowners seeking to understand their property's value and make informed selling decisions.
Yopa's research underscores the importance of looking beyond regional data when analysing the housing market. Local factors play a significant role in determining activity levels, and understanding these dynamics can be essential for both buyers and sellers navigating the market.
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