Recent figures from Rightmove show that the rise in demand in Northern counties has led to house prices in Yorkshire increasing by 10.5%. Tim Bannister, Rightmove’s director of property data, commented: “So far 2021 is proving to be the year of the northern mover.” This is driven both by local movers up or downsizing nearby as well as the influx of Londoners relocating North.
At Redbrik, we are very much seeing this demand reflected in our interactions with buyers, currently registering an average of 11 buyers to each property instructed. The shortage of properties on the market continues, resulting in very few fall-throughs and price reductions, and a continuing upward trend in prices.
Family homes with three or more bedrooms are in particularly short supply across the region, with stock down an average of 50% on 2019 figures.
What does this mean for sellers?
2021 continues to be a great year to maximise the value of your property. Zoopla reported the high demand is exacerbated by the number of first-time buyers coming to the market with nothing to sell, so there will be no shortage of buyers as we move into the summer.
If you’ve been thinking of selling, you’re likely to get a great price for your property this summer. It’s time to get your valuation booked and a selling plan sorted with your local expert.
What does this mean for renters and landlords?
Demand for property is not limited to sales, it also extends to the rental market. Tenant demand remains above stock levels, pushing rental prices up. There has been an increase of 3.2% the rental price in the Yorkshire region, with Sheffield seeing a rise of 4.7% on last year.
Due to this current heightened demand for property in the UK, now is also a great time for landlords to approach their local agents about letting out their properties to increase their return or to expand their portfolios.
If you need any advice on buying, selling, letting or renting, please get in touch with our team.