"Whilst a garden, garage and more land remain high priorities for those searching for a move, we also know from our research that more intangible factors are key to home-hunters when deciding on a move."
- Tim Bannister - Rightmove
Rightmove has shared its review of the UK property market trends seen throughout 2023 revealing that overall, national average asking prices at the end of the year were 1.1% lower than at the same time in the previous year.
However, with Great Britain being made up of thousands of different local markets, with different dynamics of supply and demand, some areas saw an increase in asking prices.
Sandbanks in Poole, Dorset is 2023’s price hotspot, with average asking prices increasing by 20% compared to 2022, from £1,586,349 to £1,909,943.
Steve Isaacs, Director at Luxury and Prestige Realty in Poole says: “It’s been a very successful year selling prime waterfront properties on Sandbanks, which have outperformed the wider market. In fact, the Sandbanks market has continued to strengthen throughout the year.
"The strong market has been due to a limited supply of suitable properties combined with an increase in demand. The lifestyle element is not to be underestimated, and the allure of living on the waterfront continues to attract buyers from out of the area.”
Renters continue to leave the city
A severe shortage of properties to rent, fierce competition to secure the homes that are available, and rising rental prices led more renters to explore new areas outside of cities.
Across ten major cities, 54% of renters looking for a new home were looking to move outside of the city they lived in rather than within it in 2023, compared to 51% in 2022.
Searches for Cornwall decline
London is this year’s most searched-for location again, with searches ticking up very slightly on last year by 1%. In second place is Cornwall, where searches have dropped by 18% compared to last year.
Devon is in third place again, but rising to the fourth most searched-for location is Glasgow, replacing Bristol as next in line for the most searched-for location for buyers.
Rosyth in Dunfermline is 2023’s quickest market
Rosyth in Dunfermline, Fife is 2023’s quickest market with the average home for sale finding a buyer in just 17 days.
The quickest local markets are typically in Scotland. The average time to find a buyer is 66 days in Great Britain, but 37 days in Scotland.
Outside of Scotland, Redfield in Bristol was the quickest market, with homes finding a buyer in an average of 25 days.
Buyers want a garage and more space, renters want a pet and bills included
A garage tops the list of features buyers were searching for using Rightmove’s Keyword Sort tool in 2023. More space was a priority for buyers, with annexes, acres, gardens and land making up the rest of the top five.
Meanwhile, renters were more concerned about searching for a home that allows pets, and whether the home comes will bills included. Their other top priorities, were whether the rental home comes furnished, has a garden, or has a garage.
Tim Bannister, Rightmove’s property expert said: “Even in the more muted market of 2023, many areas across Great Britain saw an increase in asking prices last year. 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.
“Whilst a garden, garage and more land remain high priorities for those searching for a move, we also know from our research that more intangible factors are key to home-hunters when deciding on a move. A strong sense of community, friendly neighbours and an area people can feel happy in are some of the most important things movers are looking for.”
