It is important to note there are different definitions in the housing market.
Right now, because of the significant activity in the market, and the backlog that has been created, it is taking some time to conclude property deals. However, when it comes to deals being agreed, this is happening faster than ever.
This is a situation that we have seen for ourselves at Coakley & Theaker of late, and it has also been seen in information provided by a leading property portal.
In mid-April, Rightmove figures stated:
Asking prices have increased by 2.1%
The average asking price of property in the UK stands at £327,797
This is a significant increase (of more than £4,000) on the previous high, which occurred in October 2020
Rightmove has classed the current market as the fastest-selling market since they started recording this phenomenon
Tim Bannister, the Property Data Director at Rightmove, said; “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.”
Tim also said; “The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.”
Tim continued by saying; “There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”
Tim Bannister concluded by saying; “Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”
According to Rightmove, as of the end of April 2021, the Bury St Edmunds housing market can be described as such;
“Properties in Bury St. Edmunds had an overall average price of £306,071 over the last year. The majority of sales in Bury St. Edmunds during the last year were terraced properties, selling for an average price of £278,883. Semi-detached properties sold for an average of £296,698, with detached properties fetching £412,673.
Overall, sold prices in Bury St. Edmunds over the last year were 1% down on the previous year and 5% down on the 2018 peak of £322,125.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.