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A frenzy of buying across the country

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A frenzy of buying across the country

The latest data from Home.co.uk has revealed that the spring price surge witnessed last month in the East of England has now spread across the rest of the country.

Prices are soaring as properties are snapped up by eager buyers. A further increase of 0.9% this month in the mix-adjusted average means the annualised rise is currently 7.9%.

The total stock of property for sale remains very low, and scarcity continues to be one of the key market drivers. The number of properties entering the market is down 4% compared to a year ago. The hardest hit again this month is the West Midlands where 12% less new stock arrived on estate agents' books during last month vs. February 2015. The South West of England is also indicating shortages in supply with 8% less stock registered on agent portfolios last month.

Prices also rose in the North and Wales over the last month but in both these regions marketing times continue to be the longest in the UK. As a result, we expect only small seasonal rises in these regions over the coming months. Supply remains relatively buoyant and, consequently, prices show little if any significant upward progress.

By contrast, fierce competition between buyers has driven the Typical Time on Market in the South East and East of England down to 47 and 49 days respectively. The last time we witnessed such short marketing times was back in the pre-crisis summer of 2007.

Overall, the current mix-adjusted average asking price for England and Wales is now 7.9% higher than it was in March 2015, and this figure looks set to rise in 2016 due to worsening supply in an increasing number of regions.


According to the report, East of England, London and the South East saw huge drops in marketing times as buyers snap up properties at pre-crisis rapidity.

The UK wide activity resulted in the mix-adjusted average asking price for England and Wales jump a further 0.9% since last month.

The largest monthly rise of 1.5%, was seen in The West Midlands, as demand outweighs supply in the region. Supply continues to contract overall with a decrease of 4% year-on-year.

Typical Time on Market plummets to just 102 days across England and Wales: 17 days less than in March 2015 with the average annual home price appreciation for England and Wales dipping slightly to 7.9%.

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Latest Comments

Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

Tenants disappearing into the night is common from shared houses ( licensed and un-licensed HMO's) often when they owe considerable rent- they remove all their possessions, leave key in room and tell other...

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CommercialTrust
CommercialTrust 20 May 2016

With the bulk of the market controlled by large developers, profit rather than necessity determine the pace at which homes are built. There are hundreds of thousands of plots that have planning permission...

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson
james anderson 03 May 2016

The sad demise of the croquet lawn...

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