The East Midlands continues to push the market to record new heights, with prices in Lincolnshire, Nottinghamshire and Leicestershire increasing significantly throughout 2021 by nearly 11%.
The latest analysis from OnTheMarket.com in June has revealed that while the level of new properties coming up for sale is at a similar level to the long-term average, demand continues to massively exceed supply, especially in areas around Lincoln, Newark and Grantham.
Ralph Wyrley-Birch, Partner at Mount & Minster, comments: "Last year’s mini-boom is rolling into 2021 with significant pace. Extraordinary high demand has pushed the average price of property coming to market to a new all-time high, and it's nice to see our local area as the region of Britain that's leading the way, with some degree of catching up between average prices in London and the north. 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."
This strong market appears to have enough momentum to shrug-off the imminent end of the stamp duty holidays in England and Wales. Buyer demand has soared throughout Great Britain (+66% in June 2021 versus June 2019). The supply shortage is particularly marked for typical family detached homes with four bedrooms or more.
Mr Wyrley-Birch adds: “There appears to be more headroom in buyers’ budgets among those looking to upsize, particularly those moving from London. Family homes with four bedrooms or more are like gold dust in our local market. What's clear is that the pandemic has changed many aspects of what people want from their homes, and the pricing pendulum is swinging away from London towards the East Midlands and the North.