We hope your summer was exceptional.
We thought that it might be interesting to many of you to take a look into the demand across the different UK regions as well as the property types and values to see where and who has seen the fastest growth during the summer.
With regards to regional demand, the growth of sales since last year looks excellent. The South of the UK has been most impressive with higher than average growth and also having a larger share of the overall market. The South East of England, for example, has the largest share of sales being agreed, but also managing to grow in terms of property value by in excess of 47%!
It’s also worth noting that although demand for buying in London was initially slow as a result of the pandemic and the rush to get out the city, it has definitely bounced back.
The Midlands, Yorkshire and North West have experienced lower than average growth. But their performance in terms of the number of sales agreed growth since last year is still good. The North East has a low share of the market, but has actually seen the highest growth in demand above any other region in the UK. Scotland has seen the lowest growth.
The growth of demand for detached houses and flats have been much greater compared to last year and although semi-detached houses have the largest share of the market, their growth is 4 percentage points behind the average and well down on detached properties.
The highest levels of demand have been seen in the higher value properties. Properties over £750k have seen an 83% growth rate.
What this all shows is that the market is being driven by buyers who can afford to buy higher value properties. Maybe, these buyers have been less effected by the pandemic and the economic shocks and as such the property market has remained strong.
Another update soon!
Your Property Team