Regional Property Market Update Spring 2021: Southern Home Counties – Surrey & West Sussex
At 6.2%, average annual price growth in the South East is lower than the UK average. However, growth is currently at its strongest level since January 2017 and considerably higher than the -0.3% recorded this time a year ago. Although Rightmove report average asking prices fell 1.4% month on month in January, properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the Southern Home Counties
At £342,271 the average price of a property in the South East of England is £20,000 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 across three areas 4% or more. Over 18,300 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 Home Counties
Staines-Upon-Thames, Surrey, 3 bedrooms
This beautiful character building is situated on the banks of the River Thames, formerly owned by the water board and with character in abundance. There are lovely views across the river towards Runnymede and a large south-facing patio from which to sit at and enjoy them. The accommodation is well-proportioned throughout and includes two reception rooms, three double bedrooms and an upstairs bathroom.
Crawley, West Sussex, 4 bedrooms
This attractive and individually built four-bedroom, detached family home, built in the 1950’s with a one-off design, is set back behind a high hedge with a large driveway leading to a generous, elevated south-facing plot of approximately an acre. In need of a little modernisation, the home benefits from many original features, such as parquet flooring, oak panelled doors and a stunning open fireplace.
Guildford, Surrey, 4 bedrooms
This attractive, semi-detached character cottage is situated in the popular Jacobs Well Village, with excellent nearby links into London. The property features a sitting room and dining room, both with feature fireplaces, a modern kitchen-breakfast room, four bedrooms, good-sized garden and a garage.
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