Regional Property Market Update Spring 2021: Southern region
At 6.2% and 8.5% respectively, average annual price growth in the South East and the South West is significant. In both areas growth is considerably higher than the -0.3% and -0.2% recorded a year ago. The Isle of Wight and the New Forest are currently experiencing the most significant growth, and interest in the market continues. Properties are selling more quickly than a year ago (Rightmove).
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the Southern region
Average property prices in the South East and South West are more expensive than a year ago and activity across the market is robust. On average 3.6% of private properties are sold each year, with turnover in Test Valley and Eastleigh over 4%. Over 29,000 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Properties for sale in the Southern Region
Charmouth, Dorset, 5 bedrooms
Elegant and historic, this renovated wing of a 16th-century Grade II Listed manor house has a wealth of original features and is set on a large, third of an acre plot. Currently run as a very successful holiday home for up to 10 people, the property offers spacious family living, whether it is used as a full-time home, second home or business venture. An outhouse down the garden also has potential to be converted to office for home-working.
Ventnor, Isle of Wight, 3 bedrooms
This home of striking design is situated on an elevated position and nestled into the hill over Ventnor Bay. One row back from the Esplanade itself, this upside-down style home enjoys views of the beach and the English Channel yet, is shielded from incoming weather and busy footfall in the summer months. Ventnor is renowned for its impressive climate and this can be enjoyed from the outside living spaces or the open-plan sitting room with sliding doors opening to the terrace to enjoy the views beyond.
Southampton, Hampshire, 4 bedrooms
Julitta Cottage originally dates back to 1853, is set in approximately an acre and lies within the South Downs National Park. Originally a two-up-two-down cottage, the house was extended in the 1950's and again earlier this year, with the use of locally sourced reclaimed bricks and flint, into what is now a beautiful family home full of charm and character, including a woodburning stove in the sitting room and many original beams.
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