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Regional Property Market Update Summer 2021: East Midlands

Regional Property Market Update Summer 2021: East Midlands

News & Legislation GPEA 24th June 2021

2021 is set to be one of the busiest sales years in over a decade

Agents report the sales to stock ratio across the East Midlands is at a record high (RICS). At 3.7%, the annual rate of housing stock turnover in the East Midlands is above the UK average. Levels currently exceed 4% in the most active markets.

 

East Midlands annual rate of price change regional property market report map

 

Price growth strengthens

Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.

Year-on-year price growth across the East Midlands is substantially stronger than the 2.7% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in over half the local areas in the East Midlands. 

 

East Midlands annual rate of price change regional property market report statistics

 

A seller’s market

Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the East Midlands is 44 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.

 

VIEW THE FULL EAST MIDLANDS REGIONAL PROPERTY MARKET REPORT

 

Properties for sale in the East Midlands region of the UK

Darley Abbey, Derby, 3 bedrooms

This traditional bay-fronted, semi-detached property occupies a prime position in the sought-after village of Darley Abbey, close to Darley Park. It is an ideal family home with good primary schools close by. There is planning permission to extend if desired but as it is, the accommodation briefly comprises an entrance hallway, lounge, dining/sitting room, dining kitchen, three bedrooms, a family bathroom and separate WC. There are pleasant gardens to the front, side and rear, all fully enclosed, and a block paved driveway provides off-road parking which leads to the detached brick garage.

Oakham, Rutland, 2 bedrooms

Wesley House is a picturesque Grade II Listed barn/stable conversion, steeped in history and retaining a wealth of original character features such as unusually high ceilings and larger than average stable doors. Updated and improved by the current owners instilling a show home quality throughout, this well-proportioned, bright and airy double-storey dwelling simply radiates style and sophistication throughout. Outside, you are greeted with an unusually spacious, beautifully manicured fully enclosed garden, and a separate south-facing courtyard-style seating area. 

High Peak, Derbyshire, 5 bedrooms

This historic former chapel dates back to the late 1700s and was previously owned by five generations of the same local family. The Grade II Listed property offers well-planned accommodation and features sash windows, a gas AGA, a self-contained one-bedroom apartment and stunning tiered gardens with far-reaching views over the village.

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Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.