Post-pandemic return to cities as house prices reach new high

Post-pandemic return to cities as house prices reach new high

While the pandemic triggered a desire in homeowners to move out of town in search of bigger gardens and more scenic locations, the easing of Covid-19 restrictions means many property purchasers have now decided it’s time to move back closer to the action.

The reopening of offices, galleries, museums and family attractions has seen an increase in demand for city properties, with the latest Rightmove data showing house prices in London have undergone a year-on-year increase of 6.6%. The average asking price for a home in the capital now stands at £677,110. There was a 1.9% increase in house prices in London in the last month alone.

Meanwhile, the average price of a home in the UK as a whole hit a record level for the third month in a row and Rightmove’s house price index shows UK annual price growth of 9.9%, bringing the average price of a property in the UK to over £360,000. What’s more, many towns outside of London have seen more than twice as many buyer enquiries per property than this time a year ago.

Right Move’s property expert Tim Bannister said:

“Our research highlights that as pandemic restrictions have been lifted, competition has increased most in areas just outside Birmingham, Newcastle and Manchester, as more people look to be closer to cities either for work or for their lifestyle.”

With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp duty holiday-fuelled market of last year.

The economic headwinds of strongly rising inflation and modestly rising interest rates are being kept at bay by the even stronger tailwind of property market momentum that has carried over from last year.”

UK property hotspots revealed in Rightmove’s latest research data (which is based on year-on-year comparisons of people enquiring about each home for sale) include Shirley in Solihull, Jesmond in Newcastle Upon Tyne, Chorlton Cum Hardy in Greater Manchester, Stratton in Wiltshire and Woodley in Berkshire. In London, Balham, Upminster and Chessington saw the most competition from buyers.

For those looking to buy, it’s more important than ever that they have all their ducks in a row, enabling them to act quickly when faced with stiff competition from other prospective purchasers. A shortage of property and high demand has created a sellers’ market, meaning buyers have to act confidently in order to secure the best deals.

However competitive the market, conveyancing searches are an essential component of any property purchase. A proactive conveyancer who gets started on the searches promptly can be helpful to speed up the process. While a booming market can put increased pressure on conveyancers, Thames Water Property Searches offer a comprehensive and reliable service conveyancers can rely on at this busy time.

This article was submitted to be published by Thames Water Property Searches as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

Thames Water Property Searches

Thames Water Property Searches – Your full service provider

We are experienced national providers of due diligence searches and training to legal property professionals, protecting conveyancers and their clients with a comprehensive range of products and a proven dedication to quality customer service.

As an official provider of the CON29DW drainage and water enquiry, as well as being an NLIS channel license partner, we provide a wide range of land-based conveyancer and developer searches throughout England and Wales. Our reputation is built on the quality of our service and we pride ourselves on the excellent relationships we hold across the industry.

Our customers appreciate our professionalism and expertise, and we combine industry-leading technology with dedicated and enthusiastic people to deliver the best possible service. We believe passionately in putting our customers at the heart of everything that we do. With quick turnaround times, quality products and no hidden costs, our online service is just a click away.

So how can we benefit your business?

  • NLIS: We’re an NLIS channel partner offering you access to the National Land Information Service (NLIS) Hub, meaning we can deliver the fastest possible turnaround times on a range of searches, including those from Local Authorities.
  • Suppliers: Working closely with a range of market leading suppliers such as Argyll, Landmark, GroundSure and the Land Registry means we ensure you can access all the searches you need from one place, with many priced below RRP.
  • ISO 9001:2008: We recently retained the international quality management standard, so not only are we connecting you with all the right products, we also deliver them efficiently alongside a leading level of customer service.

A member of our team would be happy to discuss how we can assist you with your conveyancing search and training requirements.


Contact: Sue Stevens

Tel: 0800 009 4540

Email: [email protected]

Address
PO Box 3189
Slough
SL1 4WW

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