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What's Happened Since The Property Market Came Out Of Lockdown A Year Ago?

House jax10289  Shutterstockdotcom1184663653

This Thursday, 13th May, marks one year since the property market in England reopened having been hit with lockdown restrictions, marking the starting point of an incredible return to health.

Ascend Properties has taken a look at which areas of England have seen the biggest boost in property values since then and where the most homes have sold.

House price increases

Since May of last year, the North West has seen the highest rate of house price growth at 12.4%, along with Yorkshire and the Humber (10.3%).

Wirral is the area of England to have seen the largest jump in property prices having climbed 26%. Redcar and Cleveland also ranks high with a 25% increase, with Pendle (22%), Selby (20%) and North East Derbyshire (20%) seeing house price growth sit at 20% or higher.

Newark and Sherwood, North Warwickshire and Forest of Dean have all seen house prices climb by 19%, while Copeland and Kirklees also make the top 10 with an 18% jump. 

In terms of the largest monetary increase, Islington ranks top with prices up £67,000 since May of last year. Ealing (£53k), Rother (£51k) and Merton (£51k) have also seen prices climb by more than £50,000.

Windsor and Maidenhead (£47k), Bath and North East Somerset (£47k), Stratford-on-Avon (£46k), Cambridge (£46k), Sutton (£45k) and Surrey Heath (£44k) also rank with some of the highest monetary increases in property values in the last year.

Transactions

When it comes to the most homes sold, Leeds has been the homeselling hotspot of England since the market reopened for business. The city has seen 6,556 properties sold, closely followed by Birmingham (6,245) and Cornwall (5,801). 

Managing Director of Ascend Properties, Ged McPartlin, commented:  

“A year ago, many industry ‘experts’ were calling double digit house price drops and despite the property industry getting the green light to reopen for business, the outlook was uncertain to say the least. 

A year on and house prices are hitting record highs with the industry itself buckling under the pressure of extremely high levels of buyer demand.  

This monumental return to health has been driven by a number of factors. Firstly, a great deal of pent up demand remained due to Brexit and so there were already a large number of buyers and sellers waiting to transact.

During this time, interest rates have also remained at record lows reducing the cost of borrowing considerably. 

Last but certainly not least, the further incentive of a stamp duty saving caused a mad flurry of buyer activity to hit the market and we’re yet to see this subside. 

All in all, the market is well and truly back to its best and while a natural easing is expected once the stamp duty holiday does finally expire, this is unlikely to bring any serious detriment where long term health is concerned.”

 

 

 

 

 

Table shows the areas to see the largest % increase in house prices since the market reopened in May 2020

Location

Average House Price - May 2020

Current Average House Price

Change (£)

Change (%)

Wirral

£153,371

£193,319

£39,948

26%

Redcar and Cleveland

£115,948

£145,198

£29,249

25%

Pendle

£101,329

£123,883

£22,554

22%

Selby

£201,397

£242,022

£40,625

20%

North East Derbyshire

£183,550

£219,482

£35,932

20%

Newark and Sherwood

£184,146

£219,918

£35,772

19%

North Warwickshire

£205,138

£244,697

£39,559

19%

Forest of Dean

£236,231

£279,981

£43,749

19%

Copeland

£120,458

£142,211

£21,753

18%

Kirklees

£148,137

£174,538

£26,401

18%

House price data sourced from the Land Registry House Price Index - May 2020 to Feb 2021 (latest available data)

 

 

 

 

 

Table shows the areas to see the largest £ increase in house prices since the market reopened in May 2020

Location

Average House Price - May 2020

Current Average House Price

Change (£)

Change (%)

Islington

£633,792

£700,791

£66,999

11%

Ealing

£467,883

£520,674

£52,790

11%

Rother

£289,857

£341,200

£51,342

18%

Merton

£516,187

£567,098

£50,911

10%

Windsor and Maidenhead

£477,122

£524,607

£47,485

10%

Bath and North East Somerset

£347,159

£393,883

£46,724

13%

Stratford-on-Avon

£299,252

£345,299

£46,047

15%

Cambridge

£429,234

£474,824

£45,590

11%

Sutton

£371,138

£416,499

£45,361

12%

Surrey Heath

£388,279

£432,418

£44,139

11%

House price data sourced from the Land Registry House Price Index - May 2020 to Feb 2021 (latest available data)

     

 

Table shows residential property transaction volumes since the market reopened in May 2020

Location

Homes sold since May 2020

England

448,763

South East

80,384

North West

61,050

South West

53,657

East of England

53,460

London

47,012

Yorkshire and The Humber

46,306

West Midlands Region

43,212

East Midlands

41,337

North East

22,345

Sales transaction data sourced form Gov.uk

 

 

Table shows the areas with the most residential property transaction since May 2020

Location

Homes sold since May 2020

Leeds

6,556

Birmingham

6,245

Cornwall

5,801

County Durham

4,538

Wiltshire

4,382

Cheshire East

4,267

Bournemouth Christchurch and Poole

4,145

Dorset

4,072

Bradford

4,071

Sheffield

3,813

Sales transaction data sourced form Gov.uk

  

Source : Ascend Properties

Image : jax10289 / Shutterstock.com (1184663653)

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14 May 2021

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