A frenzy of buying across the country

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%.

Join our mailing list:

Leave a comment



Latest Comments

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

view article
AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

view article
CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

view article
Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

view article
property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

view article
property guru
property guru 11 Jul 2016

Surprise suprise

view article
CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

view article
Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

view article
DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

view article
DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

view article
DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

view article
ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

view article

Related stories

More articles from Property