Asking Prices Are On The Rise

At Atkinsons Residential, we know things are moving fast in the housing market these days. If you are looking to make an informed decision in the market, or you want to arrange a property valuation, get in touch, and we will be more than happy to assist you.

According to Rightmove, as of the end of May 2021, the Enfield housing market is performing as follows:

“Properties in Enfield had an overall average price of £438,821 over the last year.

The majority of sales in Enfield during the last year were terraced properties, selling for an average price of £447,989. Flats sold for an average of £292,603, with semi-detached properties fetching £549,832.

Overall, sold prices in Enfield over the last year were 4% up on the previous year and 7% up on the 2018 peak of £410,645.”

According to these figures, the sold prices in Enfield are higher than they were last year, and across the country, asking prices are rising. With demand outstripping supply, this perhaps not a surprise.

In the latest research published by Rightmove, asking prices have risen by close to £6,000 a month (on average) in the space of a month.

Some of the key headlines from the data include:

• There has been an increase of £5,767 in the average seller asking price

• This represents a month-on-month increase of 1.8%

• The May 2021 average asking price was £333,365, which is a new record

• The April 2021 average asking price was £327,797

• There is a growing supply-demand imbalance across the country, and in some areas, this has led to a double-digit price increase

• Some of the areas with a double-digit increase include Wales with a 13% rise, the North West, with an increase of 11.1% and Yorkshire and the Humber, which rose by 10.5%

• In London, the average rate of price increase since pre-lockdown is 0.2%

• On average, London property prices are 2.9 times higher than in the northern areas of Great Britain

Tim Bannister, Rightmove’s director of property data, commented: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands. This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds. In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.”

Tim Bannister continued by saying; “While the gap remains very large, with average prices in London still 2.9 times higher than those in the north, this ratio is now at its smallest since 2013. The pandemic has given a greater focus on the home, and in 2020 we saw a surge in southern coastal and rural areas. So far 2021 is proving to be the year of the northern mover, not only satisfying their pent-up housing needs, but in doing so also narrowing some of the huge price gap with London.”

Tim Bannister also said; “Family homes with three bedrooms or more are like gold dust in many areas of the country, especially in parts of the north. For example, compared to the same period in 2019 agents in the North East have 59% less available stock for sale in the ‘second-stepper’ sector made up predominantly of three-bedroom homes, while Scotland is 65% down in the “top of the ladder” four bedroom or more sector. In contrast, London’s available stock is down 20% and 24% respectively in these sectors, so while supply is still limited it is more closely matched to demand.”

If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.