Buyer demand for three-bedroom houses has doubled in some locations during the past year as the pandemic-induced search for space continues.
Braintree in Essex has seen the biggest surge in buyers looking for one of the properties, with demand soaring by 107% year-on-year, according to our research.
There are also twice as many buyers searching for a three-bedroom house in Monmouthshire in Wales as there were a year ago, while demand is 96% higher in Knowsley in Merseyside, and 90% up in Northampton.
Selby in North Yorkshire and Sedgemoor in Somerset make it into the top 10 ranking of locations that have seen the biggest growth in buyers looking for a three-bedroom house too. Appetite in these areas has risen by 78% and 77% respectively.
Other areas that made it into the top 20 ranking are Kingston upon Hull, York, Brentwood, North Tyneside, Eastleigh, Stockton-on-Tees, Bromsgrove, Barnsley, Redcar & Cleveland, and Havering in London.
But the growth in demand for these properties has not been matched by an increase in the supply of three-bedroom houses for sale.
All of the top 20 locations that have seen the biggest increase in buyers interested in a three-bedroom house have seen a fall in the number of these properties listed for sale, apart from Stockton-on-Tees, where supply has risen by just 4%.
Selby has seen the biggest drop in the number of three-bedroom homes on the market, with these falling by a third, followed by Braintree at 32% and Knowsley at 27%.
Why is this happening?
Three-bedroom houses are attracting the largest levels of home buyer demand across the country.
While the overall rise is being driven by lockdown-weary people looking for more space, there are a number of trends making individual locations particularly popular.
Many of the places in the top 20 are good commuter locations due to their proximity to regional cities, including Knowsley, Gedling, Selby, North Tyneside and Bromsgrove.
Others, such as Northampton, Monmouthshire and Sedgemore have good connectivity through motorways and railway links.
The more rural locations may also have seen an uptick in demand due to people wanting to move to the country as a result of the pandemic.
Finally, affordability is also likely to be a driver, with the cost of three-bedroom homes in Hull, Barnsley, Knowsley, Breckland and Havering, in London, an average of 20% below the regional average.
Who does it affect?
The surge in demand for three-bedroom houses is good news if you own one of these properties and are thinking of moving. There is likely to be a high level of interest in your home, particularly if you live in one of the areas in our list.
Given the constrained supply of these properties for sale, if you list your home now, it is likely to stand out. You could also be a in a good position to benefit from the extension of the stamp duty holiday on your next home.
You can find out how much your home could be worth on Zoopla, with an instant online estimate based on market data. You can also track your home and other properties you’re interested in so you’re ready to move when the time is right.
If you are looking to purchase a three-bedroom property, our research suggests you are likely to face significant competition from other potential buyers.
So it is important to be organised and be prepared to make an offer quickly if you see a home you like.
You can get ahead of the curve by setting up a My Zoopla account and signing up for our email alerts, meaning you will be notified as soon as a property matching your search criteria is listed for sale.
What’s the background?
Despite the supply constraints, there has still been a significant increase in the volume of sales of three-bedroom homes.
The number of these properties changing hands has soared by 120% in Stockton-on-Tees, while sales are 84% higher in Sedgemoor and 66% up in Redcar and Cleveland.
Our House Price Indexrecently revealed that houses were selling three weeks faster than flats, taking an average of just 42 days to find a buyer.
Our ranking is based on the locations in Britain where there's been the largest growth in buyer demand for three-bedroom houses in the first three months of the year compared with the average for 2020.
Top three takeaways
- Demand for three-bedroom houses has doubled in some locations during the past year as the pandemic-induced search for space continues
- Braintree in Essex has seen the biggest surge in buyers looking for one of the properties, with demand soaring by 107% year-on-year
- All but one of the top 20 locations that have seen the biggest increase in demand for three-bedroom houses have seen a fall in the number of the properties listed for sale
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