Surprising property hotspots revealed

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We reveal the best and worst performing towns for property sales. How does your area fare?

Take a guess at the UK’s property hotspot? Is the first answer that pops into your head an exclusive London borough or commuter town in the South East?

Well, guess again. New research from Halifax identifies Bury in Greater Manchester as having the biggest increase in sales over the past year.

Bury saw a 44% surge in property sales in the first six months of 2011, compared with the same time last year. According to Halifax, most of these transactions were at the lower end of the property market – with flats and terraced houses making up 77% of sales.

Next up, northern towns Leigh, Rugeley and Houghton Le Spring recorded the second, third and forth strongest growth levels.

Top 10 property hotspots

Source: Land Registry and Halifax calculations

The market might have seen some green shoots in these areas during the past year. However, there’s been a significant drop over the past decade with sales in these hotspots down 42% over this period.

Moving on to property weak spots, Hoddesdon in Hertfordshire, experienced the biggest year-on-year drop in sales, which fell by 39%. Also in the South East, transactions in Buckingham dropped by 34%.

As you can see from the table below, only one in ten of the worst performing regions isn’t in Southern England – Aberdare in Wales.

Where sales are down

Source: Land Registry and Halifax calculations

Quiz

How much do you know about mortgages?

Whether you’re an existing homeowner or a first-time buyer, knowing the mortgage market inside out could help you get the best deal. Take our test to see how your mortgage knowledge measures up.

What does LTV stand for?

Low transaction value

Lender to view

Loan-to-value

Which type of mortgage follows the Bank of England Base Rate?

Offset mortgage

Tracker mortgage

Fixed-rate mortgage

When would you have negative equity?

When you miss a mortgage payment

When the value of your home is less than the outstanding balance on the mortgage

If you’re unhappy with your mortgage rate

What is a Standard Variable Rate?

The outstanding balance on your mortgage

A mortgage rate that factors in your savings

A lender's normal rate

What is a remortgage?

Switching to another mortgage deal

Switching your mortgage from one property to another

Having two loans on one property at once

Which of the following can be taken into account when applying for a mortgage?

Whether you are on the electoral role

Your marital status

Whether you have a university degree

0 / 6

Score: 0 out of 6

Retake the quiz

Improve your chances of a sale

Don’t get greedy: Selling property involves a fair bit of negotiation, right? Although you might put your home on the market for a particular price, there’s usually room to manoeuvre.

However, you’ll need to think carefully when setting your asking price. Putting your property on for too much could alienate potential buyers who may not view a property that is tens of thousands of pounds above their budget.

Consider kerb appeal: Although it might sound like an estate agent buzz word, many buyers will be put off if your property needs a lot of superficial, exterior work. Something as simple – and relatively inexpensive – as painting your front door could make a major difference.

Go with your instincts: If you have a choice, try to opt for buyers who seem reliable and committed to the sale. Once you’ve agreed the transaction, keep the lines of communication open so all parties know exactly what’s going to happen and when.

**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**

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