The number of places where average home prices are still below £ 150,000 has recently fallen by 28%. Agency Savills has analyzed average house prices in local wards across Britain, calculating average house prices in the year to the end of September. In total, it looked at 8,694 wards where there were at least ten sales in the year under review.
Only 873, or roughly 10 percent, now have an average house price below £150,000. Five of these are in southern England, especially Great Yarmouth, East Suffolk, and Fenland. No one stays in London in the southeast or Southwest. Meanwhile, in northeastern England, the percentage of municipalities with average home prices below £ 150,000 fell below 50% for the first time. But, this is the highest in any region at 48%.
Price Progression
Pandemic culture has deeply affected property investment in London. In contrast, the number of stations with average retail prices above £ 500,000 increased 38% from 889 in 2020 to 1,224 in 2021. 4,444 This includes a 19% increase in London with an average retail price of over 500,000. The pound was at 63 percent of the 635 local markets. Outside London, the number of counties with average selling prices above £ 500,000 increased by well over 48%.
The number in Southeast England increased by 34%. In other words, every three locations in the region have average selling prices. It exceeds this benchmark. Savills describes that in the Southwest, the number of parishes with average home prices above £ 500,000 increased by 146%, accounting for more than 10% of the 1,013 parishes in the region, “amazing.” increase.
Savills Research Insight
Its growth was led by Devon of Somerset, including Bath and Gloucestershire, where people migrating from urban areas prefer, especially during a pandemic. According to the agency, there are currently 95 stations in the UK with an average retail price of over £ 1 million. Lucien Cook, Head of UK Housing at Savills Research, said:
“In some parts of the UK, this has led to significant increases in home prices. Usually, the fastest-growing areas reflect how wealthy households’ preferences have changed. “But the mini-boom in the housing market also means that the supply of places available to families with a more limited budget of £ 150,000 has dropped significantly. This will be even more focused once interest rates begin to rise.
“With this in mind, the Bank of England’s future stance on mortgage regulation is critical. If relaxed, there will be more room for future inflation in the medium term. However, it will also reduce current protection against future recessions. ”
Savvy agents use PropTech
As real estate agents, leading PropTech entrepreneurs with a long history say brokers need to use more technology to keep transactions flowing during Covid. Lee Wainwright is currently Chief Executive Officer of PropTech’s Focal Agent. He has held senior positions at agencies such as Purplebricks, Countrywide, and Bairstow Eves for the past 20 years.
He states: “Many agents are fully prepared for the further wave of the Covid virus. It provides sellers and buyers with a complete suite of virtual marketing tools. This drives sales and purchases on 360-degree tours and online visits.
“Demand for video tours and virtual viewing technology will increase exponentially in 2021, and this trend is expected to continue until 2022. In particular, the portability of the Omicron variant will allow sellers to open their homes to viewing. “Rightmove was one of the busiest ten days of review requests in late 2021. Advanced agents are aware that Covid is present and in the early visual stages. We guarantee our business in the future by consistently adapting our approach. ”
Virtual Tours Significance
Wayne Wright said that 360-degree tours highlight properties online and interact with buyers immediately. However, data shows that 95% of buyers can call for sale on virtual tours. “In a world where pandemics are accelerating, the adoption of 3D tours and virtual tourism is increasing. So, the need to constantly adapt to ever-changing rules and preferences, ambitious agents are enjoying the benefits,” he adds. As a result, finding a flat for sale in London is an exciting experience.
Yesterday, Rightmove reported that the number of new sellers entering the market and listed on the portal increased by 21% on Boxing Day compared to December 26, 2020. This was Rightmove’s most significant number of new Boxing Day sellers to date.
Despite concerns about Omicron variants, the portal also had the busiest Boxing Day ever for a visit to its website and app. Candidate sellers also took action on December 30, the busiest day since May 2021, for those seeking home valuations from realtors and the most active ten days ever for a Rightmove valuation request.
