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Derby Property News

It’s time for our Thursday property news review!

We take a look at what’s been in the media over the last few days relating to all things property in both Derby and beyond!

The first thing to kick us of this week is 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 show that the average price of property across our 7 branch network back in January 2021 was £209,853, by the end of May this number had risen to £226,523 an increase of 7.9% over the period!

You can listen back to the interview here: https://www.bbc.co.uk/sounds/play/p09j8frz

Next up and as if to prove the point, this week Rightmove have 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:

https://www.rightmove.co.uk/…/what-can-you-buy-for-206k…

So we thought we would see what that figure could get you in and around Derby, see what properties we have available and have recently sold here: https://hannells.co.uk/properties/…

Next up in local property news, Derbyshire Live brings us two new reports covering planned developments in the Derby area, including plans for 70 new affordable homes for Castle Gresley:

https://www.derbytelegraph.co.uk/…/plans-70-affordable… and 500 new City Centre homes: https://www.derbytelegraph.co.uk/…/green-light-500-new…

Derbyshire Live have also reported on the fact that more first time buyer mortgages have 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 have also come 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 nation news picture, two reports have caught or eye this week, firstly, Propertywire have reported that the Bank Of England figures show that the value of UK mortgages has risen by 3.6% between Q1 2020 and Q1 2021, again underlining the increase in property prices but also perhaps revealing mortgage extensions for home improvement schemes and building projects, you can read the report here: https://www.propertywire.com/…/value-of-uk-mortgages…/

and last, but by no means least, our friends over at Estate Agent Today have 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…

So there you have it, another busy week in property across Derby and the UK!

For any advice about the local property market, selling your home or buying a new one, just contact your local Hannells!

www.hannells.co.uk

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