News & insights
Post pandemic return to cities as house prices reach new high
pandemic triggered a desire in homeowners to move out of town in search of
bigger gardens and more scenic locations, the easing of Covid-19 restrictions
means many property purchasers have now decided it’s time to move back closer
to the action.
reopening of offices, galleries, museums and family attractions has seen an
increase in demand for city properties, with the latest Rightmove data showing
house prices in London have undergone a year on year increase of 6.6 per cent.
The average asking price for a home in the capital now stands at £677,110. There
was a 1.9 per cent increase in house prices in London in the last month alone.
the average price of a home in the UK as a whole hit a record level for the
third month in a row and Rightmove’s house price index shows UK annual price
growth of 9.9 per cent, bringing the average price of a property in the UK to
over £360,000. What’s more, many towns outside of London have seen more than
twice as many buyer enquiries per property than this time a year ago.
Move’s property expert Tim Bannister said: ‘Our research highlights that as
pandemic restrictions have been lifted, competition has increased most in areas
just outside Birmingham, Newcastle and Manchester, as more people look to be
closer to cities either for work or for their lifestyle.’
He added: ‘With
three new monthly price records in a row, 2022 has started with price-rise
momentum even greater than during the stamp duty holiday-fuelled market of last
economic headwinds of strongly rising inflation and modestly rising interest
rates are being kept at bay by the even stronger tailwind of property market
momentum that has carried over from last year.’
hotspots revealed in Rightmove’s latest research data (which is based on year
on year comparisons of people enquiring about each home for sale), include
Shirley in Solihull, Jesmond in Newcastle Upon Tyne, Chorlton Cum Hardy in
Greater Manchester, Stratton in Wiltshire and Woodley in Berkshire. While in
London, Balham, Upminster and Chessington saw the most competition from buyers.
looking to buy, it’s more important than ever that they have all their ducks in
a row, enabling them to act quickly when faced with stiff competition from
other prospective purchasers. A shortage of property and high demand has
created a sellers’ market, meaning buyers have to act confidently in order to
secure the best deals.
competitive the market, conveyancing searches are an essential component of any
property purchase. A proactive conveyancer who gets started on the searches promptly
can be helpful to speed up the process. While a booming market can put
increased pressure on conveyancers, Thames Water Property Searches offer a
comprehensive and reliable service conveyancers can rely on at this busy time.