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



Our Next Event

Buy-to-Let Roadshow April 2017

Buy-to-Let Roadshow April 2017

Crewe - 18/04/2017

Northampton - 19/04/2017

Essex - 20/04/2017

Brighton - 21/04/2017

Register now

Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

view article
ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

view article
NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

view article
Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

view article
Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

view article
Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

view article
Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

view article
James Powell
James Powell 27 Feb 2017

This is a very good news.

view article
DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

view article
Matt
Matt 20 Feb 2017

Is this fake news?

view article
Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

view article
CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

view article

Related stories

More articles from Property

Buy-to-Let Roadshow
April 2017

18th-21st April

4 days
7 specialists
4 locations
Free to attend

Click here to register now