According to national statistics, the average price for a property in the region is close to £47,500 more expensive than in the summer of 2020, after COVID-19 market lockdown, writes Benwell Daykin. During the same period, the threshold for a prime market property in the region has risen by £60,000.
Except for the Stamp Duty holiday fuelled markets in 2021, the first half of 2022 proved the busiest since 2016, with over 100,000 homes changing hands each month. This activity pushed revenue from property taxation over the period to more than £5.5 bn, a record high. However, sales volumes are predicted to moderate in future months as the economic situation tightens. Buyers demands for properties remains above the pre pandemic market of 2019, some 20% higher in August according to Rightmove, but this has eased back from the start of the year. Mortgage approvals, a forerunner of future demand, have fallen below the pre pandemic monthly average.
While over two thirds of outstanding mortgage balances are on a fixed-rate deals, currently unaffected by bank rates rises, mortgage interest rates are rising for those currently looking to secure homes, this said the housing market continues to flourish in the region.
Benwell Daykin would also like to introduce everyone to their newest member of staff, Lesley Harper (pictured). Lesley is a Ruddington local and is no stranger to villagers, having previously worked here at The Nottingham.
Would you like to know what your property is now worth? Call the Benwell Daykin team on 0115 990 2007, email info@benwelldaykin.co.uk or pop into their offices on Ruddington’s High Street to organise a free, no obligation valuation.
