Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Six areas in the Southern region have seen more than one in every 20 homes change hands over the past year. The average annual rate of housing stock turnover in the area as a whole is 4.7%.
On the up
The average price of a property has increased significantly during the past year, a number of localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 3.0% in the South East and 2.5% in the South West during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the South East is £28,700, with the average property price in the South West going up by £23,500.
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the Southern region of the UK
St Lawrence, Isle of Wight, 3 bedrooms
This beautifully presented home and small business is set in the sought-after location of St Lawrence. Fabulous sea views can be seen from the open-plan living-dining room, kitchen and bedrooms as well as from the decking and rear garden of this beautiful house. The property is being sold together with the well renowned local village store, which incorporates the Post Office.
Chertion, Hampshire, 2 bedrooms
This charming Grade II Listed cottage is set in a tranquil location in the middle of Cheriton village, close to the village green and the River Itchen. The cottage is believed to date from circa 1800 and retains many original character features including inglenook fireplaces, exposed beams and wooden doors with latches. The property was extended in 2007 to create additional living space on the ground and first floors. There is driveway parking for two cars and a pretty front garden surrounded by a hedge, with a path leading to a low-maintenance courtyard garden to the rear of the cottage.
Chippenham, Wiltshire, 4 bedrooms
Magnolia Cottage is a very pretty period end terraced cottage, situated on the rural edge of the village of Stanton St. Quintin with views overlooking the surrounding fields. Dating back to the 1920s, the property has been sympathetically extended in keeping with the original era, offering well-proportioned light and airy accommodation. The ground floor layout includes a dual-aspect living room with wood burner and French doors to the garden, a fitted kitchen and an adjoining dining/family room. Upstairs, there are four bedrooms and a family bathroom.
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.