At 7.1%, average annual price growth in the East Midlands is slightly lower than the UK average. However, growth is currently stronger than at any point since April 2016 and considerably higher than the 1.0% recorded this time a year ago. Price growth across eleven areas currently exceeds 7.5%. Rightmove report average asking prices fell by just 0.5% month on month across the region in January and properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the East Midlands
At £208,662 the average price of a property in the East Midlands is more expensive than a year ago and activity across the market is robust. On average 3.7% of private properties are sold each year, with turnover in eleven areas currently 4% or above. Over 11,400 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Victoria Copp, Sales Director of Chelton Brown Lettings & Sales, comments on the Northampton region:
“The Northampton property market has continued to grow despite the past year’s events. Chelton Brown have noticed an incredible level of general capital growth and this stems from demand.
“Demand has increased week by week in 2021 and this interest is coming not just from investors, but first time buyers and general home movers alike. We feel that with all of the restrictions in 2020 and having more time at home, spending time with family and possibly working from home in the long term, moving is on the top of the priority list for many this year.
“We have found in recent weeks that as soon as a property is listed within a good school catchment area or a desirable village, for example, we are inundated with interest, quite often achieving asking price (or over) within a week.”
Properties for sale in the East Midlands
Willoughby On The Wolds, Leicestershire, 6 bedrooms
This beautiful 17th-century former farmhouse enjoys a wealth of character features within six bedrooms, four reception rooms, a farmhouse kitchen, a sauna, a bathroom, separate shower room and en suite.
Set in a highly regarded village location, the home sits within approximately one acre of established gardens with a feature pond, a former cricket pavilion, a summer house and a range of outbuildings including a double garage and three stables.
Coleby, Lincolnshire, 3 bedrooms
This stunning three-bedroom detached home is superbly positioned and offers high-specification accommodation, constructed to an attractive cottage-style design. The property will offer a high-end finish including a large dual aspect lounge with bi-fold doors to the garden and a fabulous living and dining kitchen with fitted units, integrated appliances and bi-fold doors also leading out onto the rear garden.
Matlock, Derbyshire, 3 bedrooms
This elegant, stone-built, double fronted semi-detached property has undergone an extensive refurbishment and offers three bedrooms, a family bathroom, an en-suite, an entrance hall, a sitting room and an open-plan dining area and fully fitted kitchen. The property has a shared rear courtyard, a lovely stone flagged front garden and off-road parking.
Wollaston, Northamptonshire, 5 bedrooms
The Gables is an impressive Grade II Listed farmhouse offering generous living space, including three reception rooms, four bedrooms, a large dressing room, four bathrooms and a kitchen with a separate utility room. The home further benefits from a courtyard garden, boasts excellent commuter links into London and is near to well-regarded schools.
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