Yorkshire & The Humber labelled the new ‘dark-horse’ for asking price sales
Perhaps, one thing that the property industry could not have foreseen occurring in the midst of a global pandemic is the incredible performance of the Northern market, and in particular the Humber region.
In the past year the media have reported a steady increase in house price growth. Speculation from many industry experts suggested this was due to the resilient performance of the market, and the growing residential demand among a population eager to relocate. According to the most recent and available sold price data provided by the Land Registry, 37% of homes in Yorkshire and the Humber region have achieved their final asking price or above. The Land Registry have also commented that this result is significantly higher than the average 23% collected between the years of 2005 and 2020. Prior to the new highs set by the Humber region, the last record set was 36% collected in May 2016.
An even more impressive figure, according to the Land Registry, Yorkshire and the Humber produced market-leading results with an incredible 45% of sellers achieving at least their asking price. This data is reflective of the agent and buyer bidding wars that have been continuing in the presence of the market reopening last year and further demonstrates the building demand for property in the midst of a national home-centric social change.
Director of Benham & Reeves, Marc von Grundherr, commented on the predictable nature of the market’s success with such a large proportion of home sales entering the pipeline in the wake of the SDLT holiday and extension deadline. He further comments that pent-up demand has led to a 50% hike in buyer demand and therefore increased the transaction pipeline in conveyancing. Whilst there may be some disparity in the degree of house price growth nationally, growth has been consistent.
The government’s success in furthering the nation’s economic and employment recovery rate, coupled with low interest rates, and an opening hospitality industry, are all strong indicators that the positive reaction we have seen in the property market show no sign of relenting.
According to property platform giants Zoopla, the value average for properties in Yorkshire and the Humber have increased by an astounding 5.9 % in the past year alone. Similarly, Chief Analyst for Yopa estate agency predicted a high probability that the lifting of Covid restrictions, coupled with the re-evaluation of housing priorities undergone by many homeowners during lockdown, and the savings accumulated over the past year means that demand and opportunity for relocation have rarely been more closely aligned.
A fact which will drive the housing market’s success to fruition for the rest of 2021 at least.