Country houses in and around Rutland and Stamford, especially in the villages, were highly sought after last year, with sales surpassing expectations given the challenges of Covid-19. It’s been a bumper year for our sellers, with offers often being pushed to over asking price as buyers compete to secure their dream homes. So it’s of no surprise that we are constantly being asked what we think will happen to the local property market this year. Of course, we cannot predict the future, but we thought we’d share the various housing reports that have been published so far, along with some of their forecasts for 2022…
In November, house price growth across the UK rose by 0.9% with an annual change of 10% meaning values are now almost 15% above when the pandemic first stuck in March 2020. The stamp duty holidays in April and September 2021 have been major boosts for buyer activity, but as everybody expected, when those ended, transactions dropped by almost 30% year on year in October.
Valuation requests were 19% higher in November 2021 than a year previous, which is encouraging news in terms of more stock coming to market this new year, as one of the biggest challenges the industry has faced is there not being enough homes for sale to cater to intense buyer demand. Rightmove also reported that 2021 saw the highest level of completed home sales since 2007. Meanwhile the average time to secure a buyer has dropped from 52 days to 38. The figures are equally impressive for the East Midlands. The county has seen the second highest monthly rise in house prices (+0.9%) out of all the regions, with an annual change of +8.6%. The average time to sell a home is now just 35 days.
In terms of 2022, Rightmove believe the housing market will still be busy, but not so ‘frenzied.’ They expect strong buyer demand to continue well into this year, but it may be slightly dampened due to higher interest rates, whilst more properties will come to market making the balance between buyers and sellers a bit more even. Overall, they predict house prices will rise by 5% nationally, but buyers will have a bit more negotiating power as there should be more properties for sale than there were last year.
Figures show the average UK house price has risen by 3.4% in the three months to the end of November – the highest quarterly rise since late 2006 – with an annual change of +8.2% and a monthly change of +1%. Halifax have indicated that prices have risen for five months in a row with growth now at a 15-year high.
Land Registry UK House Price Index
Their report focuses on October, which saw an annual house price growth of 10.25% across the UK. Rutland recorded an increase of 4.7% on average when compared to the same period last year and a monthly rise of 2.3%. Meanwhile in the East Midlands house prices grew 11.3% annually but dropped 0.9% when compared to September 2021.
The house selling weather forecast has noted that buyer demand in Rutland has increased 23% over the last twelve months, with postcode district NG33 seeing the most property sales across the year. Currently all of Rutland is in a hot sellers market with LE7 the hottest place for buyers to buy a home at 71°, followed by LE13 at 70° and LE14/NG33 both at 69°. You can find out how your postcode is performing in their free online calculator.
What we say at Fine & Country
Our properties have been flying off the shelves during the pandemic, as buyers tap into the appeal of the lush green countryside that surrounds us. Demand has been so intense because buyers seek more space inside and outside in their quest for rural life, with the two stamp duty holidays no doubt fuelling the activity. It’s meant that we have been working 24/7 to conduct viewings, agree offers and ensure our clients exchange and complete on time, to include a few organised for the run up to Christmas Day! It’s been a truly incredible experience albeit rather frenzied, and given how quickly our properties have been selling through all of the national lockdowns, it is very clear to see that lifestyle options are now just as important as bricks and mortar. We are very much looking forward to seeing what 2022 brings which includes the opening of a new office in Oakham, so watch this space!
Here are some of our key property highlights for 2021
Battleford Hall – sold off market
The buyers were on the hunt to find their dream home but nothing ticked all of their boxes. After talking to them on a number of occasions, we got a clear understanding of what they were after and as it happened, we were just preparing to put Battleford Hall on the market which we believed would suit. We sent the buyers preliminary details which was followed by an exclusive, off-market viewing and a sale was agreed shortly afterwards.
Riverdale – sold off market very quickly at full asking price
This was another off market sale we did last year, never hitting the open market. We had a buyer who was extremely motivated, and had requested a pre-launch viewing. They subsequently offered at full asking price. It was an extremely quick transaction and completed just before Christmas.
Meadow View – our home staging advice led to the property selling 5% over asking price in less than two weeks
Meadow View was marketed by other agents before we started promoting it in June. As it was an empty new build home, we professionally staged it with our exclusive home stager, Lemon & Lime. In less than two weeks of going to market, we had received an offer 5% over the asking price for our client.
If you’re considering selling, you can contact Jan or Ildi on 01780 750 200 for more information about how we promote homes to the widest possible audience with our award winning marketing services, and/or to arrange a no obligation market appraisal.