The first thing that kicked us off across the property news in June was an appearance by our very own Director, Mr Michael Brain, on BBC Radio Derby with Ian Sky!
Michael was discussing the increasing volume of transactions in the national and local property market along with the increased demand for property and the rapidly increasing property prices, caused in part by a lack of supply of new properties coming to market.
Our figures showed that the average price of property across our 7 branch network back in January 2021 was £209,853, by the end of May that number had risen to £226,523 an increase of 7.9% over the period!
Next up and as if to prove the point, Rightmove released an article starting that the average asking price of a first-time buyer home across the country now stands at £205,925 and they have looked at what that figure will get you across different regions. You can see their list of properties here:
So we thought we would see what that figure could get you in and around Derby, see what properties we had available and had recently sold here: https://hannells.co.uk/properties/…
Derbyshire Live also reported on the fact that more first time buyer mortgages had been issued than at any time since 2002, with 42,330 mortgages offered in March, meaning that although prices are rising, it seems that first time buyer demand is still strong, check out the full report here: https://www.derbytelegraph.co.uk/…/most-first-time…
And they also came up with a handy list of the top property turn off’s for buyers, compiled from a survey carried out by TaskRabbit which includes things such as visible mold, cracked tiles and grubby bathrooms, you can see the full list along with the top 10 most desirable features here: https://www.derbytelegraph.co.uk/…/top-turn-offs…
Looking at the national news picture, two reports caught our eye, firstly, Propertywire reported that the Bank Of England figures showed that the value of UK mortgages had risen by 3.6% between Q1 2020 and Q1 2021, again underlining the increase in property prices but also perhaps revealing more mortgage extensions for home improvement schemes and building projects, you can read the report here: https://www.propertywire.com/…/value-of-uk-mortgages…/
June also brought good news for UK home sellers, when our friends over at Estate Agent Today revealed something that we already knew…UK Estate Agents are GREAT VALUE!
According to their report, UK Estate Agency fees are some of the lowest in the world, with only 5 countries out of 29 coming in with lower fees for sale, you can see the full report here: https://www.estateagenttoday.co.uk/…/uk-estate-agents…
Derbyshire Live continued to report on the growing number of new developments with two new projects scheduled in Derby and the surrounding area, firstly a prominent building set to be converted into 36 apartments and some new Bellway and Ashberry Homes properties currently being built in Ripley, you can view the full articles here:
The BBC highlighted why it’s getting harder to find a builder, with a look at how the booming property market and the drive for home improvements is causing a shortage in trades people, you can see the full article here:
And they also reported that home movers are driving mortgage lending, with people planning to move home being responsible for a record proportion of mortgage borrowing in the first three months of the year as they dominated demand for property. You can see the full report here:
And last but not least, Estate Agent Today highlighted a review which suggested that some 500,000 buyers will benefit from the stamp duty holiday, with total market saving expected to hit nearly £3.2bn. You can read all about it here:
Towards the end of the of the month, Derbyshire Live had a couple of very interesting reports which highlight just why Derby is such a great place to buy a home!
Firstly, Erewash has been identified as the Derbyshire district where house prices have soared the most, increasing by an incredible 64% over the last 10 years! You can read the full report here: – https://www.derbytelegraph.co.uk/…/derbyshire-district…
And secondly, they also featured an interesting article which ranks Derby as the number 1 most affordable city in the UK. A recent study undertaken by Currys PC World and Ring Security, comparing the affordability, green space and safety of more than 50 towns and cities in the UK rated Derby as top of the list, another great reason to purchase a property in the area! You can view the full article here: – https://www.derbytelegraph.co.uk/…/derby-ranked-most…
We’ve also took a look at recent reports from BBC News, which suggest that house prices have risen at their highest level for 17 years https://www.bbc.co.uk/news/business-57648935 and an interesting article from BBC Wales with hints and tips about how to make sure your home is a green as it can be, you can take a look here: – https://www.bbc.co.uk/news/uk-wales-57226425
Our friends over at Rightmove asked the question ‘Why do house prices keep rising?’ and have taken a look at the number of buyers in the marketplace compared to available stock levels, you can take a look here: – https://www.rightmove.co.uk/…/why-do-house-prices…/…
And finally we were here to give you a timely reminder of the changes to Stamp Duty that are now in effect, with the reduction of the nil rate from £500,000 to £250,000.
The market, from our point of view, is still hugely busy, with properties selling at a very fast pace and no signs of buyer interest dwindling just yet.
As always we will be on hand to keep you up to date!
For all the latest news, new properties, and special features, follow us on Facebook and Instagram and for any advice you might need about the property market, selling, buying or renting, just get in touch with your local Hannells!
