The May 2021 Rightmove House Price Index shows no slowing down for the property market. New records continue to be set as the average price of property coming to market this month jumps by 1.8% (+£5,767), to a third of a million pounds (£333,564).
While London prices have stood still (+0.2%) since the first lockdown, areas further north have seen double-digit increases (+10.5%) in Yorkshire & The Humber, due to the shortfall in supply that suits people’s changed needs and lives:
Region Leader Board
The table below shows the % change in house prices from March 2020.
- 1st Place Wales 13%
- 2nd Place North West 11.1%
- 3rd Place Yorkshire & The Humber 10.5%
- 4th Place South West 9.2%
- 5th Place East Midlands & West Midlands 9.1%
- 6th Place South East 7.9%
- 7th Place East of England 7.3%
- 8th Place North East 6.7%
- 9th Place London 0.2%
When you look at the jump between the lowest growth area outside of London, this is still a whopping 6.5% more than the capital!
The North West shows the second highest growth out of all the regions at 11.1%. ERE Property have 3 developments located in Manchester and one in Preston which is due to complete in just a few months. We have previously sold out of 2 Manchester developments in the last week and it’s no surprise with the figures show above.
Yorkshire & The Humber follows closely behind at 10.5%. ERE Property have recently released a new development in Leeds just last week. Prices start from £93,950 and this includes car parking which is just unheard of in Leeds! Additionally we have just a couple of units left in Hull, a city that was recently in the news for its new Humber International Enterprise Park. The almost 400,000 square metre business park near Hedon will provide a significant economic boost for the area and could create upwards of 6,500 jobs. Prices again are extremely affordable at just £107,000.
Demand continues to massively exceed supply, especially in northern regions. Tim Bannister, Rightmove’s Director of Property Data comments: “So far 2021 is proving to be the year of the northern mover, not only satisfying their pent-up housing needs, but in doing so also narrowing some of the huge price gap with London.” He also adds, “Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands. This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds.”
Read the full article here: https://www.rightmove.co.uk/news/house-price-index/
If you are interested in learning more, one of our Investment Directors will be happy to have a chat with you – Call us on +44 (0) 113 380 8930 or email [email protected]
