Regional Property Market Update Winter 2021: East Midlands
Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Harborough, North West Leicestershire and Rushcliffe have seen more than one in every 20 homes change hands over the past year. The average annual rate of housing stock turnover in the East Midlands is 4.3%.
On the up
The average price of a property has increased significantly during the past year, many localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 4% in the region during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the region is £20,800
Keeping warm
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the East Midlands region of the UK
Burbage, Leicestershire, 4 bedrooms
This attractive 1930's detached family house is set in a beautiful mature plot with a paddock of circa 0.5 acres. Three Pots Farmhouse is set back from the road behind walled front gardens and a large sweeping gated driveway. The property has been sympathetically extended and updated by the current owners to provide bright and spacious accommodation throughout a generous floor area with beautifully presented interiors and high-quality finishes.
Sutton-in-Ashfield, Nottinghamshire, 5 bedrooms
Situated in a semi-rural location, this substantial detached barn conversion occupies a wonderful south-facing plot, extending to over 1/3 of an acre, with delightful open views over an Area of Outstanding Natural Beauty. The property was sympathetically restored and converted in 2004 by the previous owner, retaining much of the character and charm associated with a building of this age, including 14-ft vaulted beamed ceilings and flagstone floors.
Bakewell, Derbyshire, 3 bedrooms
With a wealth of original features, including mullion windows, original fire openings, flagged floors and beamed ceilings, this delightful and attractive Grade II Listed stone-built property is believed to date back to the 1600s, situated within the centre of the popular town of Bakewell. Believed to have been built as a dwelling, it has in recent years it been used as offices for local businesses and now has full planning permission to be returned to residency.
Contact us
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.
