The stamp duty holiday has encouraged activity in the housing market. Analysis of the market suggests there is a huge number of buyers looking for property, and that prices are rising.
The Rightmove House Price Index indicates house prices are rising, and that buyers are competing for larger homes with more space. This level of competition is driving prices, and at Holdencopley, we are on hand to assist you sell your home.
If you want to arrange a property valuation, get in touch and we will take you from the start to end of the sales process.
East Midlands property prices are on the rise
The East Midlands is one of the many places where record prices for homes have been recognised. Rightmove states the average price of property in the East Midlands stands at £242,555. This represents an increase of 0.3% in the monthly figures and a huge rise of 5.8% on the year-on-year figures.
Tim Bannister, Rightmove’s Director of Property Data, said: “Increased competition for second-stepper homes has pushed prices to a record this month for those looking to take the next step up the ladder. Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.”
Tim continued by saying; “At the start of the year a fourth bedroom was very much a luxury for buyers trading up, but it’s now emerging as a must-have for those who are able to take that step. With overall asking prices just a few hundred pounds shy of July’s record, and buyer demand at an all-time high, those currently looking for their next home are likely to find that only offers close to the asking price will be considered, especially for larger homes.”
The Nottingham market is lively
A local agent spoke to Nottinghamshire Live, and said; “There is no doubt that in the main, premium properties that appeared to be lingering on the market pre-lockdown have seen a surge of interest and have been the subject of offers at or about the full market asking price. There is some levelling off a little now but a tremendous amount of business has been undertaken. We seem to be getting back to the normality of pre-lockdown now.”
Analysis undertaken by Rightmove has led them to estimate there is close to 40% more sales taking place compared to this time last year.
Daniel Gooding, at Rex Gooding Town and Country Homes, added: “In West Bridgford we have seen a return to best and final offers on some properties, the likes of which we have not seen since 2015. This is mainly due to a lack of stock created by the two-month shutdown of the housing market and the freeze on stamp duty up to £500,000, a saving to buyers of £15,000 on properties at £500,000 and over.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.