Property Market Update May 2021

Up, up, up!

Zoopla has suggested this week that since 2007, the housing market is on course to be one of the busiest yet. It has been stated by the House Price Index that over 1.5 million properties will complete this year, which is 45% higher than last year. Levels have not been this high since 2007, which could be down to a mixture of Government plans as well as change of priorities with Covid-19. However, the Buy Association has noted since emerging from lockdown and Covid-19 restrictions being eased, the demand for city flats are increasing, with a 49% increase in enquiries in April compared to January.

Currently the market is still predominantly a seller’s market as the number of buyers searching outweigh the amount of properties that are available. This is an increase of around 29% compared to last year alone, which is not only due to the above but also the 5% deposits which are helping first time buyers change from generation rent to generation buy. While the demand has increased, the available amount of properties has declined from last year by around 20.8%.

In Coventry, property prices have increased over the period from March 2020 – March 2021 by around 5.8% according to Land Registry, with detached properties raising by 6.2%. Within the Warwickshire area, detached properties from March 2020 – March 2021 on average increased from £406,947 to £450,878. If you are thinking of selling your property but would like to know more about the property market, please call us today to speak to one of our local property experts on 02476 249333

READ MORE:
https://www.zoopla.co.uk/discover/property-news/housing-market-on-course-for-busiest-year-since-global-finance-crisis/

READ MORE:
https://www.buyassociation.co.uk/2021/05/27/uk-housing-market-flats-in-city-centres-see-rise-in-demand/

READ MORE: https://landregistry.data.gov.uk/app/ukhpi/browse?from=2020-03-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Fwarwickshire&to=2021-05-01&lang=en