Spring is in the air! (If you dodge the snow showers…) But how was the Derby property market in March? Were buyers left as ‘mad as a March Hare’ or were sellers sitting pretty? Well, for us here at Hannells, it was very much a case of business as usual. Take a look at our March roundup…
Rightmove have released their house price index, which, if you have been following our blog posts over the last few weeks, you’ll know has shown another record rise in average asking prices nationally, reaching £354,564, breaking the £350,000 mark for the first time.
Closer to home and East Midlands prices have risen a further 2.7% month on month, with an annual rise of 13.3%, showing once again that the demand heavy market we have been experiencing since the end of 2021 is not going anywhere anytime soon!
From our own analytics of activity over the month, we have certainly seen demand staying as strong as ever, with a further 802 new buyers added to our applicants list, a shade down from February but still above average for the time of year. With a further (and huge!) 2’859 viewings booked; our teams have been stretched to keep up with interest and we have achieved an average asking price of 103%, showing once again that competition for the right property is still very high. Looking forward into the Spring months we can only see these numbers increasing as visits to our website have increased to over 24,000 sessions, with a real uptick in searches taking place towards the end of the month.
There is some evidence of a slight increase in properties coming to market in the Derbyshire area, with new listings up 11% month on month, with 4 bedroom detached family homes showing the biggest increase.
Of course, the same pressures are ever present in the market as we enter Spring, with the cost-of-living concerns, interest rate rises and of course the ongoing and terrible events unfolding in Eastern Europe. However, early indications are that the busy Spring market is likely to continue, with demand still outpacing supply.
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