Asking Prices Are Rising

At Williams of Petersfield, we aim to keep you informed with every important aspect of the housing market. This is something we are proud of, and if you have any questions, please get in touch.

We appreciate it has been a challenging time in the property market, and it has never been more important to make informed decisions. We are here to ensure you make informed decisions at all times.

Do you know how the Petersfield housing market is performing?

As of June 2021, Rightmove describes the Petersfield housing market as such;

Properties in Petersfield had an overall average price of £466,239 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £649,979. Terraced properties sold for an average of £368,139, with semi-detached properties fetching £465,688.

Overall, sold prices in Petersfield over the last year were 5% up on the previous year and 7% up on the 2018 peak of £436,809.”

These prices are interesting, as is information which states asking prices have risen.

In the latest research published by Rightmove, asking prices have risen by close to £6,000 a month (on average) in the space of a month.

We are here to assist you make a move

Some of the key headlines from the data include:

  • There has been an increase of £5,767 in the average seller asking price
  • This represents a month-on-month increase of 1.8%
  • The May 2021 average asking price was £333,365, which is a new record
  • The April 2021 average asking price was £327,797
  • There is a growing supply-demand imbalance across the country, and in some areas, this has led to a double-digit price increase
  • Some of the areas with a double-digit increase include Wales with a 13% rise, the North West, with an increase of 11.1% and Yorkshire and the Humber, which rose by 10.5%
  • In London, the average rate of price increase since pre-lockdown is 0.2%
  • On average, London property prices are 2.9 times higher than in the northern areas of Great Britain

Tim Bannister, Rightmove’s director of property data, commented: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands. This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds. In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.”

Tim Bannister continued by saying; “While the gap remains very large, with average prices in London still 2.9 times higher than those in the north, this ratio is now at its smallest since 2013. The pandemic has given a greater focus on the home, and in 2020 we saw a surge in southern coastal and rural areas. So far 2021 is proving to be the year of the northern mover, not only satisfying their pent-up housing needs, but in doing so also narrowing some of the huge price gap with London.”

Tim Bannister also said; “Family homes with three bedrooms or more are like gold dust in many areas of the country, especially in parts of the north. For example, compared to the same period in 2019 agents in the North East have 59% less available stock for sale in the ‘second-stepper’ sector made up predominantly of three-bedroom homes, while Scotland is 65% down in the “top of the ladder” four bedroom or more sector. In contrast, London’s available stock is down 20% and 24% respectively in these sectors, so while supply is still limited it is more closely matched to demand.”

Research undertaken by Rightmove amongst people looking to sell their home in the next month found an average of 84% of people in the north are keen to move locally, while only 52% of prospective London movers want to move locally.

Tim Bannister concluded by saying; “Another important factor driving the higher demand and quicker average time to sell in the north is that more of their sellers are intending to buy and stay local, whereas many Londoners are looking to move out. The pandemic has changed many aspects of what people want from their homes, and the pricing pendulum is swinging away from London towards the north.”

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.

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