suffolk
Average
house price
(ALL TYPES)
£280,155
Average
rent
£835
pcm
SALES
UK Residential Property Update, Winter 2021/22
THE YEAR OF
THE BIG MOVE
EMAIL caroline
01787 888622
Partner
Caroline Edwards
LETTINGS
Annual House Price Index (Base = Jan 2009, 100)
Mid-Suffolk
England & Wales
Suffolk
100
2009
2019
harrogate & Leeds
YORK
SUFFOLK
cambridge
northamptoNshire
oxford
newbury
winchester
marlborough
bath
prime london
south west london
download REGIONAL report
Average
house price
(ALL TYPES)
£468,671
SALES
Annual House Price Index (Base = Jan 2009, 100)
South Cambridgeshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,214
pcm
cambridge
EMAIL MATT
01223 403330
Partner
Matt Smith
download REGIONAL report
download REGIONAL report
Average
house price
(ALL TYPES)
£409,712
SALES
Annual House Price Index (Base = Jan 2009, 100)
Bath & North
East Somerset
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,255
pcm
BATH
EMAIL david
01225 747251
Partner
David Mackenzie
download REGIONAL report
Average
house price
(ALL TYPES)
£316,438
Annual House Price Index (Base = Jan 2009, 100)
Harrogate
100
2009
2019
Leeds
Base
harrogate & LEEDS
EMAIL tony
01423 707815
Partner
Tony Wright
download REGIONAL report
Average
house price
(ALL TYPES)
£529,416
SALES
Annual House Price Index (Base = Jan 2009, 100)
Wiltshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£839
pcm
marlborough
EMAIL julie
01672 514916
Partner
Julie Fellows
download REGIONAL report
Average
house price
(ALL TYPES)
£384,428
SALES
Annual House Price Index (Base = Jan 2009, 100)
West Berkshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£970
pcm
newbury
EMAIL rupert
01635 263001
Partner
Rupert Reeves
download REGIONAL report
Average
house price
(ALL TYPES)
£272,151
SALES
Annual House Price Index (Base = Jan 2009, 100)
Northamptonshire
100
2009
2019
England & Wales
Base
pcm
northamptonshire
EMAIL Ian
01604 608202
Partner
Ian Cattle
download REGIONAL report
Average
house price
(ALL TYPES)
£456,946
SALES
Annual House Price Index (Base = Jan 2009, 100)
Oxfordshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,361
pcm
oxford
EMAIL simon
01865 404418
Partner
Simon McConnell
download REGIONAL report
Average
house price
(ALL TYPES)
£468,633
SALES
Annual House Price Index (Base = Jan 2009, 100)
Winchester
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,395
pcm
winchester
EMAIL chris
01962 833375
Partner
Chris Gooch
download REGIONAL report
Average
house price
(ALL TYPES)
£286,802
SALES
Annual House Price Index (Base = Jan 2009, 100)
York
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£880
pcm
york
EMAIL edward
01904 558202
Partner
Edward Stoyle
Average
house price
(ALL TYPES)
£1,214,935
SALES
Annual House Price Index (Base = Jan 2010, 100)
Prime Central London
100
2009
2019
Greater London
England and Wales
LETTINGS
Average
rent
£2,178
pcm
prime CENTRAL london
download REGIONAL report
Average
house price
(ALL TYPES)
£741,551
SALES
Annual House Price Index (Base = Jan 2009, 100)
Greater London
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,853
pcm
south west london
EMAIL wayland
020 7731 3333
Partner
Wayland Ward-Smith
Select a location below for a local overview
200
Oxford
170
180
160
170
HARROGATE
LEEEDS
Average
rent
£xx
pcm
160
200
Cambridge
170
Northampton shire
Babergh
This was the year when it felt like every one of us probably knew at least a handful of people who were either buying, selling, or moving house. With 1.3 million transactions in just the first ten months of the year, this was the most house moves since 2007, resulting in nearly 1 in 20 people moving home.
The consensus has been that the stamp duty holiday was not the only factor fuelling the demand to move house, in fact many have wondered whether the tax break was needed at all considering just how strong the housing market has been? The government evidently thought that the pandemic and its associated restrictions and lockdowns would cool the market, and during ‘normal’ economic shocks the housing market is indeed one of the first to feel the negative effects.
EMAIL LISA
020 7518 3234
Partner & Head of Residential
Lisa Simon
200
South West London
220
Prime Central London
170
160
With such strong demand from owner occupiers in the sales market, buy to let investors will continue to be pushed out, meaning there will be little additional available rental properties coming into the market over the next 12 months. In all, rent rises will be strong, with increases of between 5%–7% per annum anticipated.
Recent political and economic instability makes it all the more important to be as informed as possible when considering buying, moving or selling or letting your home.
Our report, prepared by our research team and local experts, will provide you with accurate data and expert commentary on the housing market in your area as well as a snapshot of the health of the wider UK property market.
PRIME CENTRAL LONDON
CLOSE
BATH
CAMBRIDGE
HARROGATE & LEEDS
LONG MELFORD
MARLBOROUGH
NEWBURY
NORTHAMPTON
OXFORD
SOUTH WEST LONDON
WINCHESTER
YORK
Click a location for
a local overview
AVERAGE HOUSE PRICE (ALL TYPES)
£409,712
SALES
LETTINGS
Average
rent
£1,255
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£468,671
SALES
LETTINGS
Average
rent
£1,214
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£316,438
harrogate
LEEDS
£216,280
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£280,155
SALES
LETTINGS
Average
rent
£835
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£529,416
SALES
LETTINGS
Average
rent
£839
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£384,428
SALES
LETTINGS
Average
rent
£970
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£272,151
SALES
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£456,946
SALES
LETTINGS
Average
rent
£1,361
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£741,551
SALES
LETTINGS
Average
rent
£1,853
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£468,633
SALES
LETTINGS
Average
rent
£1,395
pcm
CLOSE
AVERAGE HOUSE PRICE (ALL TYPES)
£286,802
SALES
LETTINGS
Average
rent
£880
pcm
CLOSE
market comment:
A lack of international demand and overall affordability of the area have placed downward pressure on prices throughout the prime central London market over the last year.
Having said that, in the autumn months, when the economy fully reopened and international travel became much less restrictive, demand clearly buoyed and price growth has now reached 10.7%, annually. This is compared with an overall growth of just 6.1% in Greater London.
The stamp duty holiday clearly boosted demand with transactions in June 2021 reaching nearly 800 that month alone. This compares with a long-term average of 295 per month.
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book a free market appraisal
Transactions in the South West London market have been very strong throughout 2021, particularly prior to the end of the stamp duty tax break. On average, there were 867 sales recorded, compared with a long-term average of 790, equating to an increase of 9%.
These strong levels of demand have finally led to strong price growth of 8.7% over the last year. This follows nearly three years (between early 2018 and late 2020) where the area recorded average house price inflation of just 2.8% over the 36 months.
The average price of a detached home in South West London is now £1,706,776, three times the national average. The highest rate is in Wandsworth where the average is £1.9 million compared with £1.5 million across Hammersmith and Fulham.
market comment:
Average house prices are now £286,802 across York, reflecting an annual increase of 9.9% and adding £25,800 to the price of a home compared with the same period last year.
Sales levels across York have been lower, over the last six months, than many of our other locations. Averaging around 240 sales per month, this is around 6% below the longer-term average for the area.
market comment:
market comment:
Winchester has been very popular since the pandemic, as people searched for more space and rural living. Sales levels reached pre-pandemic levels quickly following easing of lockdown in 2020 and they maintained these strong levels throughout 2021. Average sales of around 168 per month were reached in 2021, compared with an average of 143 over the previous three years, reflecting a 17% increase.
Following almost four years of little to no price growth in the Winchester housing market, this strong level of activity has resulted in steady house price inflation of approximately 9% over the last year and 7% in just the last six months.
5% house price growth was recorded in Oxford over the last year, while growth in the wider Oxfordshire area has been significantly stronger at 11%.
As we have seen many times before, house price inflation in Oxford tends to be very volatile. For example, in early 2020 average house prices fell by nearly 9% in just a few months. Since June 2020 however house prices have been steadily growing in the area, increasing by 15% since then.
Since May 2020, sales volumes across Oxford have averaged around 115 per month, over 10% more than the monthly average over the previous three years.
market comment:
market comment:
The relative affordability of Northampton and Northamptonshire, coupled with its countryside and rural location continues to make this area very popular, particularly as many people looked to move to these types of locations during the pandemic.
The price of an average detached home in the area has risen by 8.6% over the last 12 months, to £435,348 but this is still 2% below the national average. The price for all home types has risen by 9.5% annually.
market comment:
market comment:
As with many other idyllic, countryside locations, demand for homes in Marlborough has been very strong over the last six months. With available stock being in limited supply though this has pushed house prices up by 9.1% over the last 12 months.
The average price of a detached home however has remained relatively stable this year, rising by less than 1%. Averaging at around £674,000 though this is still 52% more than the average price of a detached home across England and Wales.
market comment:
Significant uplift in house prices occurred in Leeds throughout the last 18 months and house price growth now sits in the region of 17% since May 2020.
Harrogate on the other hand has seen some house price volatility over the same period, with prices having fallen quite dramatically in April, May, and June 2020. Since then, growth has been robust with 14% growth recorded since May 2020 in Harrogate.
The two locations have been extremely popular since the pandemic struck. Since May 2020, monthly sales in Harrogate have been above the longer-term average by around 2%.
Average
house price
(ALL TYPES)
£216,280
HARROGATE & LEEDS
market comment:
market comment:
The Suffolk and Mid-Suffolk areas witnessed very strong levels of demand over the last six months. Home buyers looking to move to rural, countryside locations found this area particularly idyllic. The relative affordability of Suffolk has also attracted many buyers, with the average detached property being around 2% below the national average.
These strong levels of demand led to robust price rises across the area with inflation reaching 4.5% in Mid-Suffolk and 10.7% across wider Suffolk, over the last 12 months.
Sales levels in Mid-Suffolk have been very strong over the last six months, reaching an average of 151 transactions per month, 5% more than the monthly average over the last three years.
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book a free market appraisal
book a free market appraisal
AVERAGE HOUSE PRICE (ALL TYPES)
book a free market appraisal
Sources: HM Land Registry, ONS, REalyse.
Notes: Lettings and sales figures are average, for all types of property.
All of this activity of course leads to strong house price inflation, peaking at 13.5% in June (HM Land Registry) at the end of the first phase of the stamp duty holiday. But even when the final phase of the tax break completed (September), demand did not subside by as much as expected and in fact prices continued to grow, reaching 10.2% in October (HM Land Registry, 9.9% Nationwide) and 10% in November (Nationwide).
However, unlike other downturns the pandemic seems to have been the impetus for many to seek change and it resulted in 2021 being the year that we redefined what we call home. The search for more inside space as many office-based employees worked more flexibly and more often from home, the search for more outside space as people realised the importance of getting out into the natural environment, the hunt for an idyllic setting, and the promise of a tax savings too, all seem to have come together to power the housing sales market into overdrive.
Over the coming 12 months we expect that the changes to lifestyle and working practices (further accelerated by the new Omicron variant and related government regulations to work from home) will continue to drive demand in the sales market.
MARKET COMMENT
MARKET COMMENT
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
LETTINGS
Average
rent
£820
pcm
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
At £384,400 the price of an average house in Newbury has risen by 10.7% over the last 12 months. However, it has been the sale of more modest homes in the area that have been driving these prices rises as the average price of a detached home has risen by only 3% over the same period.
Looking to the wider county data for West Berkshire, average prices have risen less than in Newbury itself, increasing by 5.7%, annually.
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
market comment:
Unlike many other areas of the UK, Cambridge and South Cambridgeshire did not experience continuous or sustained house price growth throughout 2020 and into early 2021. However, come late summer and into the autumn months Cambridge saw a surge of price growth averaging at around 15% per annum by September although this has since dropped back to 7%, compared with 11% in South Cambridgeshire.
Key to the lack of sustained house price growth has been the low level of transactional activity. Average monthly transactions are not yet back to pre-pandemic levels in the area, and this is mostly a result of a lack of available supply.
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
Demand remained strong even into the latter half of 2021 and monthly sales activity was therefore maintained, averaging around 255 per month which is slightly above pre-pandemic levels.
Following almost 18 months of little to no house price growth between late-2018 to early 2020, annual house price inflation in Bath has jumped, averaging around 10% in each of the last 12 months to now sit at 14.3%.
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
LETTINGS
Average
rent
£820
pcm
Over in the lettings market there were similar decision-making factors at play which moved demand into different regions and different areas. As with the sales market, renters found that they no longer needed to be located so close to their place of work, while at the same time many students attended online-only classes meaning they no longer needed to be near to their university (and some of course simply stayed home with their family instead).
The nature of the private rented sector makes it easy for households to be more transient and so the drift away from city centre locations was abrupt and swift. Many of the UK’s largest cities saw rental demand plummet and rental growth suddenly slowed or stopped altogether; rents in London fell for 14 consecutive months, according to HomeLet. This was all to change though. When most pandemic-related restrictions finally ended in July and August, many workers seemed to want to return to the city, which happened to coincide with the return to in-person classes for most colleges and universities. This led to unprecedented levels of demand in some city centre locations with rents rising by 12% in Bristol, 11% in Nottingham and Glasgow and 10% in Birmingham between February 2020 and September 2021, according to Rightmove.
Households who may have had a ‘wait and see’ approach to this new way of flexible working will now be ready to pull the trigger and move house and indeed this is expected to be a rather large cohort of latent-demand buyers.
On the other hand, the supply of available properties will be limited, with no expectation of any increase in vendors. Upward pressure on prices will therefore be maintained and we anticipate an overall average annual increase of between 2% and 4% by the end of 2022.
Following December’s increase in Bank Rate to 0.25%, we expect interest rates to rise a little further in 2022, but we do not envisage that this will impact demand by much, if at all. In fact, the slow rate of increase may inspire people to move earlier and put mortgages in place now rather than wait any longer in case rates rise even more in the future.
In the lettings market we do not expect any material change to the current levels of demand until at least late-2022. Demand will remain high, particularly while the sales market is still so strong as this will push many would-be buyers into longer rental tenancies, with nowhere suitable to buy and prices (deposits!) increasingly unaffordable.
90
190
2010
2021
Base
South West London
Greater London
England and Wales
Base
90
190
2010
2021
York
England and Wales
Base
90
190
2010
2021
Winchester
England and Wales
Base
90
190
2010
2021
Oxford
Oxfordshire
England and Wales
90
190
2010
2021
Base
North Northamptonshire
West Northamptonshire
England and Wales
Base
90
190
2010
2021
West Berkshire
England and Wales
Base
90
190
2010
2021
Wiltshire
England and Wales
Base
90
190
2010
2021
Leeds
Harrogate
Base
90
190
2010
2021
Cambridge
South Cambridgeshire
England and Wales
90
190
2010
2021
Base
Bath and North East Somerset
England and Wales
Base
90
190
2010
2021
Mid-Suffolk
Suffolk
England and Wales
Base
90
190
2010
2021
Over in the lettings market there were similar decision-making factors at play which moved demand into different regions and different areas. As with the sales market, renters found that they no longer needed to be located so close to their place of work, while at the same time many students attended online-only classes meaning they no longer needed to be near to their university (and some of course simply stayed home with their family instead).
The nature of the private rented sector makes it easy for households to be more transient and so the drift away from city centre locations was abrupt and swift. Many of the UK’s largest cities saw rental demand plummet and rental growth suddenly slowed or stopped altogether; rents in London fell for 14 consecutive months, according to HomeLet. This was all to change though. When most pandemic-related restrictions finally ended in July and August, many workers seemed to want to return to the city, which happened to coincide with the return to in-person classes for most colleges and universities. This led to unprecedented levels of demand in some city centre locations with rents rising by 12% in Bristol, 11% in Nottingham and Glasgow and 10% in Birmingham between February 2020 and September 2021, according to Rightmove.
Households who may have had a ‘wait and see’ approach to this new way of flexible working will now be ready to pull the trigger and move house and indeed this is expected to be a rather large cohort of latent-demand buyers.
On the other hand, the supply of available properties will be limited, with no expectation of any increase in vendors. Upward pressure on prices will therefore be maintained and we anticipate an overall average annual increase of between 2% and 4% by the end of 2022.
Following December’s increase in Bank Rate to 0.25%, we expect interest rates to rise a little further in 2022, but we do not envisage that this will impact demand by much, if at all. In fact, the slow rate of increase may inspire people to move earlier and put mortgages in place now rather than wait any longer in case rates rise even more in the future.
In the lettings market we do not expect any material change to the current levels of demand until at least late-2022. Demand will remain high, particularly while the sales market is still so strong as this will push many would-be buyers into longer rental tenancies, with nowhere suitable to buy and prices (deposits!) increasingly unaffordable.