- Average home demand price in the South West is now £353,213 – up 9.5%
- Its £232,440 (up 9.4%) in Wales and £264,554 (up 9.1%) in the East Midlands
- Typical asking price hits a new all-time high since August and moves higher
Domestic demand prices in the South West, Wales and the East Midlands have risen by more than 9 per cent in the past year, more than three times the national average, claims the data.
According to Rightmove, the average property asking price in the South West is now £353,213, up 9.5 per cent, compared to £232,440 (up 9.4 per cent) in Wales and £264,554 (up 9.1 per cent) in the East Midlands.
Looking at the overall picture, the national average asking price for a property on the market reached a new all-time high this month, after an increase of 0.3 per cent – or £1,091 – from £338,462 – up from August.
This comes as Rightmove describes the current conditions as ‘the hottest competition ever to buy’, with demand per property buyer more than double pre-pandemic levels.
Home prices in the South West of England, Wales and the East Midlands have risen by more than 9% in the past year, more than three times the national average.
Mapped: How have property demand prices moved up over the past year?
The average time to acquire a buyer is currently 37 days, compared to 65 at the beginning of the year.
It adds that there has been a rise of ‘electricity buyers’ – described as those who have already sold their home, have cash in the bank, or are first-time buyers with a mortgage agreed upon.
According to the property’s website, they are in a more powerful position and outnumber those who still need to sell their current home.
Tim Bannister, RightMove’s director of property data, says: ‘While the holiday-hungry summer took its break, the high ratio of buyer-to-sale properties demand means the property market is likely to reduce overall activity despite the summer sluggishness. Still in stock though.
‘The competition among potential buyers to secure their next home has now more than doubled in 2019 as compared to this time.
To be in pole position in the race for the best asset, you must have more purchasing power than the rest of the sector.
‘Traditionally this would have meant deep pockets to outperform other buyers, but in the most competitive market ever, today’s ‘electricity buyers’ must have already found a buyer for their property, or sold them. There is no need of.’
Demand: The top chart shows how prices have risen in the pandemic – while the bottom one shows how quickly homes are being torn down
Elsewhere, the data indicates the East, South East and West Midlands of England as other pockets with prices rising – they are up 8.9 percent, 8.5 percent and 6.9 percent, respectively.
London saw the smallest increase, with the average home price rising 0.8 percent over the past 12 months to £638,285.
In terms of boroughs, Rightmove found that the largest risers in the capital were Barking and Dagenham, with average wealth increasing by 5.7 percent annually to £346,594.
At the other end of the scale, Islington fell 5.7 percent to £739,033.
At the other end of the scale, the average home price in Islington fell by 5.7 percent to £739,033
Property experts say the rise in prices outside the capital was due to a ‘lack of stock’, as people wanted to move to more rural areas during the pandemic.
Buyer demand per property for sale has more than doubled pre-pandemic levels.
UK regions enjoying a boom in mini property
Here are eight regions in the UK that Rightmove has identified as having slight uptick in prices, each with an annual increase:
East Midlands, 9.1%
east of england, 8.9
West Midlands, 6.9%
North West, 6.8%
Yorkshire and Humber, 4.3%
Glynis Frau, chief executive officer of National Estate Agent Hunters, said: ‘Even as the stamp duty savings window in England is slipping closer to 30 September, demand is rising with buyers looking to buy properties at the start of the year. who were desperate to secure their move. Even if they have to pay more in stamp duty.
‘While autumn may calm down a bit, the urge to change our lifestyles due to the pandemic and new working trends is unlikely to fade, so we expect activity levels to remain higher than normal.
‘Bigger deposits and no chain has always been better, but in the current market it has been enhanced.
‘With so much competition, sellers can easily give discounts to people who are not in the most powerful position to proceed with the purchase. It is essential that buyers have their own financial arrangements before making an offer.
Looking ahead, Rightmove says there are ‘early signs’ of a better-balanced autumn market and more homes coming up for sale to help with buyer choice.
The number of new listings in the first two weeks of September was 14 percent higher than in the last two weeks of August.
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