Stats, facts & record breaking figures this autumn
House prices and the property market in general have always been favourite talking points, and today’s unusual microclimate has created a whirlwind of new facts and statistics to discuss.
Property portal Rightmove has gone as far as saying we are in ‘extraordinary’ property times, with three new records being set during September 2020. The first record-breaking figure is the new average value of a property coming to market in the UK. This now stands at £323,530 – nudging even higher than seen in August, thanks to an increase of 1.1% in September.
Despite the pandemic now impacting our lives for more than eight months, houses are coming to market at almost £17,000 more than they were in September 2019, thanks to the highest annual house price growth seen for four years. In addition, there’s also a new record when it comes to sales agreed. With shifting priorities, the desire to relocate and a stamp duty holiday, it comes as no surprise that there have been 2% more sales agreed so far this year, when compared to the same period in 2019. In fact, agents are reporting a record number of sales – 70% higher in September when looking at year-on-year figures.
Another new record has been set when it comes to the speed of property sales. Rightmove’s findings reveal 12 days have been shaved off the average time to sell a property now, when compared with 2019. Properties are going under offer in a new, quicker timeframe of 50 days.
The impact of our current property microclimate has also been measured by Halifax. Its analysis of data from its latest House Price Index looks a little deeper into the types of property that have seen the biggest rise in value. Taking the top spot, and perhaps reflecting our desire for more space, is the detached property – a type that has risen in value by more than 5% since March 2020.
Detached houses in the North West and Yorkshire & Humberside have seen the greatest value rises (above 6%), with the smallest increases seen in the South East and Greater London, where detached homes have risen in value in the region of 2%. In comparison, terraces and semi-detached properties have seen 4% of value added, and a typical flat had risen by 2.5% over the same period.
While records are not being set or broken at the same considerable rate, the UK’s rental market continues to perform strongly. The latest HomeLet Rental Index showed rents were up 0.2% in the last month to lift the UK’s average rent to £987 per calendar month. This figure is up 4% when compared to June 2020. Of the 12 regions monitored by HomeLet, 10 posted rent increases between September 2019 and September 2020, with 7 of the 12 also showing month-on-month rental value rises between August and September this year.
If you would like to know your home’s current value or how much rent it could achieve if you let it out, please contact us for a bespoke valuation and marketing advice.