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Regional Property Market Update Summer 2021: East Midlands

Posted on: Thursday, June 24, 2021


Regional Property Market Update Summer 2021: East Midlands

2021 is set to be one of the busiest sales years in over a decade

Agents report the sales to stock ratio across the East Midlands is at a record high (RICS). At 3.7%, the annual rate of housing stock turnover in the East Midlands is above the UK average. Levels currently exceed 4% in the most active markets.

 

East Midlands annual rate of price change regional property market report map

 

Price growth strengthens

Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.

Year-on-year price growth across the East Midlands is substantially stronger than the 2.7% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in over half the local areas in the East Midlands. 

 

East Midlands annual rate of price change regional property market report statistics

 

A seller’s market

Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the East Midlands is 44 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.

 

VIEW THE FULL EAST MIDLANDS REGIONAL PROPERTY MARKET REPORT

 

Contact us

Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.

 

 

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Having recently Sold my house with Philip Martin Estate Agents I cannot praise the whole experience enough. From the first telephone conversation to the last it has been impressive. Professional, Polite, Guiding, Encouraging. I do need to mention Jack Loader, no question or query was too much trouble, making the Selling process a pleasure. Totally stress free.

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James and his team handled a complex sale (house and adjacent land owned by a third party) with great professionalism and innovation and determination to secure our sale. He was also cognisant of our time scales in that we had not secured an onward purchase or rental property. James is an extremely approachable agent who always worked with us to successfully achieve our goals and certainly went ‘the extra mile’ when required. We cannot recommend him highly enough.

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