The mini-boom seen in the UK’s different property markets since the lockdown lifted is feeding through into extraordinary rises in year-on-year house prices, the parent company of Reeds Rains and Your Move has reported.
LSL’s regional monthly index, which uses Land Registry data but generated by Acadata, reveals that some areas of the UK saw significant surges in price growth during July.
This includes in Bristol where house prices are currently 12.6% higher than a year ago, the London Borough of Brent (+19.1%), the Isle of Anglesey (+12.1%), Ceredigion in Wales (+10%), Swansea (+10.7%) and the Value of Glamorgan (+12.7%).
This super-heated property market is being reported by many agents across the UK, one example being six-branch Scottish agency Thorntons which sold 150 homes during July in and around Dundee, Fife, Angus and Perthshire.
Offers 10% above
Its MD Peter Ryder says his average sales price was 4.8% higher than their report value but that some have been 10% above.
“Not only are properties selling for higher prices but they are also selling fast,” he says.
Ryder also says his estate agency sold a third of the properties it placed on the market within a week of being listed following Scotland’s June 29 market re-opening, and that a quarter of homes sold within a week.
In terms of regional house prices, Wales, the North West, South West and South East have returned to growth the fastest since the lockdown.
But it’s not all growth – several areas of the UK have yet to emerge from their Covid slumber and have seen significant year-on-year price drops including in Darlingont (-9.4%), Stockon-on-Tees (-9.4%), Stoke-on-Trent (-6.7%) and Telford (-6.4%) and Slough (-9.3%).