You can look at many pieces of information to tell you how the market is faring, but property prices and mortgage approvals tell you a lot. This is something we know and care about at Williams of Petersfield, and we are on hand to ensure you make informed decisions when it comes to the housing market.
If you are looking to make a move and need any assistance, please get in touch, and we will be happy to help.
Stay in touch with Petersfield house prices
According to Rightmove, as of the end of September 2021, the average price paid for property in Petersfield is as follows;
“Properties in Petersfield had an overall average price of £506,837 over the last year.
The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £724,455. Terraced properties sold for an average of £368,305, with semi-detached properties fetching £461,730.
Overall, sold prices in Petersfield over the last year were 17% up on the previous year and 16% up on the 2018 peak of £436,809.”
Mortgage lending has been high this year
Information provided by the Bank of England show £89bn of mortgage lending was approved between April and June 2021. This is the highest amount since 2007.
The majority of mortgage applications were made by people intending to live in the property, with at least 66.4% of applicants stating this.
Breaking this group down uncovers:
- 24.7% as first-time buyers, which represents a 6.5% increase from a year ago and a 2.8% rise since the beginning of 2021
- Home-movers rose to 41.7%, a rise of 18.3% on the previous year
- Buy-to-let mortgages account for 11.3% of mortgage approvals, a fall of 3.1% from a year before
However, some names in the mortgage sector believe this positive activity might not last for too long.
Mark Gilliver, business Development director at mortgage software provider the Target Group, said: “Throughout the pandemic, the mortgage market has been in a state of fluctuation, initially seeing a drop in demand during the first lockdown, but then experiencing a boom in demand thanks to the stamp duty holiday initiative.”
Mark also said; “This in itself has led to heightened demand and therefore an increase in prices, forcing many to take out larger mortgages. Whilst some were able to build deposit nest eggs thanks to reduced outgoings, quarter two saw a boom in demand, as homebuyers looked to escape a costly tax bill.”
Mark Gilliver concluded by saying; “However, the Q2 results could be seen as outliers, as we are unlikely to see such a rush again for a while. With inflationary pressures and the threat of increased interest rates not far off, the next quarter could well tell a very different story. This could be a sign that the phase of bigger mortgages is on its way out now that the UK has reopened and spending on non-essentials items is reintroduced into the public’s budgets.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.