Asking Prices Hit Record High – Do You Need Help In Market?

9th June 2021 posted in PROPERTY NEWS

With demand outstripping supply in the current UK housing market, we know many homeowners are tempted to sell. The hope of achieving a high price for your home is a goal of many households, and if this is something you’d like to achieve, we are more than happy to talk you through the process, and support you as best we can.

At Country Properties, we know there are many things to consider when selling your home. Pricing is one of the most important. As local specialists in Letchworth Garden City, we will ensure you make an informed decision.

Know the LGC housing market

As of the start of June 2021, the Letchworth Garden City housing market is described by Rightmove in the following manner:

Properties in Letchworth Garden City had an overall average price of £420,892 over the last year.

The majority of sales in Letchworth Garden City during the last year were terraced properties, selling for an average price of £333,201. Semi-detached properties sold for an average of £443,778, with detached properties fetching £688,395.

Overall, sold prices in Letchworth Garden City over the last year were 16% up on the previous year and 9% up on the 2017 peak of £386,483.”

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.

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

Are you looking to move?

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.”

Currently, in line with Government guidelines, our Letchworth Garden City branch is open and our and lettings personnel are here to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email ian.ellmers@country-properties.co.uk