H&H Land & Estates discuss the region’s thriving property market, currently experiencing the fastest rising house prices in 14 years.
In May, the Office for National Statistics (ONS) announced that the typical UK home cost an average of £23,000 more than it did in the previous year. This equated to a 10% rise - the fastest rate of growth since 2007 - bringing the average UK home cost up to £255,000. In the North West of England, however, house prices have instead increased by 15.2% year on year, with the North East close behind with a rise of 12%. Here Kate Patrick, Head of Estate Agency for H&H Land & Estates evaluates potential reasons why.
“The surge in both prices and demand within the North’s property market can be attributed to a number of likely factors, many of which are linked to the pandemic. Many people came to re-evaluate lifestyle choices while working from home and for a huge number, priorities significantly changed. Many found themselves wanting more space, both inside and out, while others chose to swap urban living altogether in favour of a more rural lifestyle. The North is a highly desirable location for people looking for peace, privacy and beautiful surrounding scenery, offering many buyers the chance for a new way of life.
“Stamp duty holidays offered by the government also drove sales, with many people seeking to capitalise on the saving and complete at the start of this year ahead of the scheme winding down. When demand for houses began to outstrip those up for sale, prices climbed and competition in the housing market grew.
“Property prices in our area still continue to rise, and demand to buy property remains very high. With fewer properties coming to the market, we are seeing viewings on certain houses doubling and sometimes tripling as a result. This is obviously leading to offers over the initial asking price. In terms of how this trend is impacting buyers and sellers alike, some potential buyers are missing out on the house of their dreams as they are not in a position to proceed. Buyers with a complete chain or cash/mortgage purchasers are instead snapping up property.
“I would encourage anyone looking to sell to call us to arrange a market appraisal as we have a significant number of buyers waiting for property to come to the market. There are pockets of the market where we are seeing price sensitivity as the incentive to buy up to £500,000 before June 2021 has come to an end.
“H&H Land & Estates use all the comparable evidence available to us to provide all our customers with the most up to date valuation, especially in these fast-moving times. Our experienced team have a specialist, in-depth understanding of our region and would be happy to assist you, whether you are a buyer, seller or are keen to know more about the thriving property scene across both the North East and the North West.”
H&H Land & Estates have a reputation as one of the leading independent rural property advisory firms operating across the North of England and the Scottish Borders, with a well-established client base across offices in Carlisle, Penrith, Kendal, Keswick, Durham and Cockermouth