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Regional report

Each month we visit three agents across the country to discover what is happening in their local market. This month we meet members of The Guild of Property Professionals in Cornwall, Devon and Northamptonshire.

The Negotiator
ST MAWES, CORNWALL
Link to Regional Report

STATS: Year to date total value of properties exchanged: £54,248,590 Average house price: £889,321 at an average of £555 sq. ft. Price range of properties sold: From £177,000 (two-bedroom cottage in Grampound village) to over £4m (St Mawes).

 

Mark Wilson - H Tiddy - imageH TIDDY ESTATE AGENTS
Mark Wilson, Director

H Tiddy Independent Estate Agents are based in the exclusive Cornish coastal village of St Mawes. For over 14 years, the company have been members of The Guild of Property Professionals with exclusivity to cover The Roseland Peninsula, an Area of Outstanding Natural Beauty in South Cornwall.

2021 has defied expectations for everyone who has been involved in the property industry. I did not expect H Tiddy to surpass our exceptional 2020 year-end turnover figures to find that this was exceeded by the end of October, so 2021 will be another record-breaking year within our over 100 year established history.

For the last quarter of the year, even though the rush to beat the stamp duty deadlines has ended, the levels of daily new buyer registrations is still as active as it was over the last 18 months. Correctly priced properties are still flying off the shelf.

The search for larger flexible living spaces to cater for ‘hybrid’ working from home as well as improving personal well-being with lifestyle change moves to coastal or countryside areas remains top of the agenda for many.

Crystal ball gazing in to 2022

Despite the inevitable increase in interest rates commencing in the first quarter of 2022, I believe that this will not have a significant impact providing the base rate rises are measured and remain in the realms of affordability. One of the main reasons for this year’s fall through rate has been sellers pulling the plug on the sale and staying put due to not being able to find somewhere to live by being outbid on properties with multiple offers. Many potential movers have also delayed their plans so as not to be caught up with the stresses of the buying frenzy, choosing to wait for normality to return to the housing market. Therefore, I expect instruction levels will start to increase in 2022, which in return will provide an onward momentum in what will be a sellers-market, with buyer demand still outstripping supply. As a result, there will be house price growth, albeit not at the dramatic month on month increases of late.

Pictured property: The Bears Lair, St Mawes – offers in excess of £2,500,000

CREDITON, DEVON
Link to Regional Report

STATS: Market share: 41.4% Annual sale agreed (YTD): 207 Average agreed price (so far 2021): £372,147

 

Link to Regional ReportHELMORES ESTATE AGENTS
George Clover, Partner

We all know there’s still a huge lack of supply and an overwhelming demand for properties new to the market. But today, I wanted to use this space to remind us all why we do what we do. I’m sure many of you reading this have felt this way, that is that it’s easy to start believing that surely, by now, with all we do to promote our businesses, that people in our respective areas must be getting fed up with seeing us everywhere. If it isn’t agency boards, websites, branded cars, sponsorships, press columns, then it’s high street offices, social media, banners, and flyers. But the truth is, they aren’t bored. Many of them haven’t got a clue who we are or what we do.

Educating customers

It always blindsides me that sometimes, when I visit a potential client who’s lived in our small town for decades, they’re surprised to hear about what’s happening in the local market. I tell them my thoughts and they listen intently, even though it could be the eleventh time so far this week that I’ve given the same message, just in a different way. Sometimes it’s even the same message as a vlog or market update which has been all over our social media. The point I’m trying to make is that people don’t live and breathe property like we do, people value our knowledge, they trust us to give them a true picture of the market, so the takeaway from my update is to make sure you’re being real.

Estate agents have an insight that few others do, and we all need to appreciate that it’s valued if delivered appropriately. Today, the way of marketing our businesses has changed. It’s not about saying how great we are, how we’ve sold this and we’re better at that, it’s giving our local residents what they want – relevant, accurate and specific information to help them understand what many of us take for granted. So, the very least they deserve is for us to deliver what they want with enthusiasm and in a professional yet human way. I know this is a regional property market update, but I felt more inclined to try to remind everyone, that we deal with people’s lives, so don’t get sucked in to thinking we sell houses, we do much more than that.

Pictured property: The Old Malt House, Bow – Offers over £315,000

NORTHAMPTONSHIRE
Link to Regional Report

STATS: Sales prices in commutable areas rising: up to 20% in 2021 Rental increase in the region is far higher than the UK average Rent increase over the past 12 months: 6.6% (July to July, source Dataloft). Void periods between tenancies: now less than 21 days.

 

Link to Regional ReportCHELTON BROWN LETTINGS AND SALES
Edward Chelton Brown, Director

“Escape to the country” effect hits the rental market.

It’s been widely advertised that thousands of people have sold up their city homes to escape to the country with rural property being some of the most highly demanded in the market. This has meant prices in commutable areas rising as much as 20% in the past 12 months. As this trend has accelerated, we have seen it shift the rental market with more commuters moving to rural parts of Northamptonshire to escape the rat race and save £1000’s a year on rent whilst enjoying a quieter life.

Surge in demand

In recent months we have seen an influx of renters moving out of London looking to rent with rural properties being top of their wish list. Northamptonshire is best with some of the most beautiful villages in the country (my bias is acknowledged!) but it’s not called “Rose of the Shires” for nothing. Rents in the rural areas have, as a consequence, rocketed with properties like this charming three-bedroom “Chocolate Box Cottage” now on the market for £1600 pcm. This increase is far higher than the UK average rent increase over the past 12 months of 6.6% (July to July, source Dataloft). With this surge in demand it has meant that void periods between tenancies are also down with the average times now less than 21 days.

Looking ahead we don’t see this trend changing either. With the shortage of stock on the sales market the rental market will naturally be affected also. In our Northampton Branch where we typically have anywhere up to 75 properties on the market at any given time, we currently have 7! And with rents on the rise the incentive for people to move is hugely diminished meaning we expect stock levels to stay low in both rural areas and towns.

Pictured property: April Cottage, Billing Road, Northamptonshire – £1,600 pcm

 

January 27, 2022

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