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%.

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luxus
luxus 27 Sep 2016

It can be stressful. More clarity is needed on the process, from a customer perspective and consideration should be given to using the Scandinavian model where the sales process is much quicker.

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Melissa_Green 26 Sep 2016

Green belts are normally designated around capitals and other major cities and conurbations and their aim is to prevent urban sprawl by keeping land permanently open. The essential characteristics of green...

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Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing
Homebuyerconveyancing 15 Sep 2016

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oliviaG 12 Sep 2016

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oliviaG 29 Aug 2016

So true about cats!

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Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

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dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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