Frothy headlines about buyers yearning for outdoor space and an escape from the city last year appear to have been on the money, with an even larger exodus of London buyers bidding high for local homes.
The most recent state-of-the-nation report on the property market shows sales agreed in rural villages within easy reach of Newark rail station and the A1 are up 47% compared with last year, with prices being agreed higher than the already significant increase we witnessed in 2020.
In contrast, London values have fallen by 6% as lockdown leads many to re-evaluate their work/life balance.
This yearning for more space is also reflected in the largest rise in sales of four- and five-bedroom residences, which are particularly in demand. This year’s volume of sales has already surpassed expectations as national and London companies have confirmed that they expect their staff to continue to work from home as lockdown restrictions are eased and the vaccination program continues at considerable pace, providing the catalyst for those currently living in London and the south east to happily consider moving to quieter areas with more space for far less money. Ironically, these prices are rising fast!
Mount & Minster's local Newark office have reported that the residential property market is at a level not seen for more than a decade, fuelled by a combination of low interest rates, furlough payments, a stamp duty holiday and that shift in a desire for rural locations and more space.
Ralph Wyrley-Birch, Senior Partner, confirms "It's obvious to everyone watching the market closely that properties are being listed at strong price levels and are selling within days. Indeed, we've seen some of the most attractive 'chocolate-box' cottages and country houses sell within hours over the last two weeks! Astute homeowners who are thinking of selling in this inflated market are being pro-active now and liaising with us as to their marketing strategy before the market is inundated with more properties for sale, essentially giving buyers more options and pushing prices back down."
Spring is often an ideal time of year to offer your home for sale as the days are brighter and warmer, gardens look more luscious with leaves returning to trees, blossom in flower and the sea of yellow returning to the rape fields. The timing is such that people are realising that working from home is here to stay and those villages within a short distance from Newark are cashing-in.
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