Agents report the sales to stock ratio across the East Midlands is at a record high (RICS). At 3.7%, the annual rate of housing stock turnover in the East Midlands is above the UK average. Levels currently exceed 4% in the most active markets.
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the East Midlands is substantially stronger than the 2.7% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in over half the local areas in the East Midlands.
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the East Midlands is 44 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.
Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333
js@sarahmains.com
Low Fell Office
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855
lfs@sarahmains.com
Whickham Office
8-10 The Square
Whickham
Newcastle upon Tyne
NE16 4JB
0191 488 9999
ws@sarahmains.com
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Sarah Mains Residential Ltd. Registered in England & Wales. Company No: 04324202. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales. Company No: 05774118. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales. Company No: 04919065. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .