Chris Pick, Business Development Manager and Valuer comments on the activity he’s seen in the Southwell and Newark housing market. He says: “The number of houses coming onto the market is still not meeting the demand from qualified buyers and as such, we’re seeing buyers snap up keenly priced properties almost as fast as we take on the instructions.”
The Rightmove House Price Index April 2022 backs up Chris’s experience. It reports that the price of property coming to the market has hit a new record high for the third consecutive month, with month-on-month prices up 1.6% (+£5,537) to an average of £360,101. The report also shows that the East Midlands is the third highest year-on-year change across the UK at +12.5%, closely following the South West at +13.5% and Wales at 14.5%. The average house price in the East Midlands is now £280,058.
Chris continues with advice for anyone thinking of selling: “We still have a large number of ‘power buyers’, who are waiting patiently in rented accommodation, or have funds available to buy straight away, so our recommendation is to get your property onto the market or you run the risk of missing out.”
He finishes with a word of caution to sellers though: “Don’t get carried away by the rising property prices though. Do your homework and check that the estate agent you’re considering is having success selling at their recommended sale prices, and that they are not reducing them within a few weeks to achieve a sale.
“In the current market, property should sell at or above the asking price quite quickly if it has been keenly priced to attract buyers.”
Call the team at Alasdair Morrison & Partners on 01636 813971 or 01636 700888 to arrange your free, no-obligation market appraisal today.
