PropCast, a new online service, has been launched, analysing which postcodes in the UK favour house sellers or buyers. Run by Gavin Brazg, a professional property trader from The Advisory, an advice site for home selling, the tool evaluates the micro market by calculating the number of properties currently for sale, sold STC or under offer in the area.
Rather than focusing on vast areas such as counties, boroughs and regions, PropCast focuses on postcodes across Wales and England, to provide potential sellers with an increased understanding of their position before listing their home for sale.
The website instantly displays whether the home is located in a currently cold buyers’ market or a hot sellers’ market, simply by typing in the postcode. Propcast uses the process of ‘taking the temperature’ of the district by adding up the amount of homes which are currently for sale within the postcode and calculating the percentage that are sold subject to contract or under offer. The website uses the theme to display a temperature taken from this percentage, for example, 40 per cent is 40 degrees.
Propcast uses four categories; very hot (over 50 degrees), hot (35 – 49 degrees), cold (25 – 34 degrees) and very cold (below 25 degrees). Each month, the website reveals the top ten coldest and hottest postcodes for house sellers. In July, the list consisted of B34 (Birmingham), BH17 (a rural part of Poole, Dorset), BS5 (Bristol), M32 (Trafford) and S7 (Sheffield). Within London, Abbey Wood, the Greenwich crossrail hotspot, was revealed as the hottest postcode for house sellers. The four coldest postcodes were located within London, listed as WC2 (Covent Garden and Leicester Square), EC2 (the City), SW8 (Vauxhall and South Lambeth) and NW8 (St John’s Wood). L2, located in Liverpool, was named as the fifth coldest postcode for house sellers.
Mr Bazg advises that Propcast can be used for alternative insight, rather than solely relying on reports for national house prices. He explains that many people think they know whether they are selling in a cold or hot market, but reports on the national housing market can be confusing and misleading, as they focus on vast areas. Instead, Propcast provides more practical value as it focuses on all the micro markets within the UK, which all perform differently. Although house sellers are unable to change their local housing market, understanding it provides a chance to navigate it. Selling a house in a cold market is not ideal, but knowing whether you are located in one will give you the best opportunities.