Commenting on today’s ONS UK House Price Index for August 2021, Nick Leeming, Chairman at Jackson-Stops said: “Whilst the market has somewhat cooled from the record levels seen earlier in the year, the figures released today show continued significant growth, evidence that the deeper changes in societal priorities are set to support consistently high levels of market activity in the longer term.
“This is emphasised in today’s regional data. The past 18 months has reminded homeowners what is so special about the English countryside and coast, and we've seen a renaissance in buyers' love of country homes. Despite the South West being in the lower end of today’s figures nationally, annual house price growth continues to outstrip 8%. Our recent analysis showed that country and coastal homes in our South West branches had received the most interest over the summer with a 31% increase in demand per home over July and August 2021 versus the same time period in 2020. Indeed, across our portfolio we continue to see demand of 25 buyers per property on the market.
“Whilst financial incentives to sell, combined with the desire to relocate to areas offering a higher standard of living have contributed wholeheartedly to the this year's frenetic activity, it was undeniably the unbalanced relationship between low stock and high demand amongst purchasers that drove prices to the levels seen. I expect we’ll see more stable activity over coming months, particularly as we now enter the traditionally active Autumn period. The next few months represent a good opportunity to move home as there continue to be many buyers looking for quality homes in great areas of the country. Britons still place a great deal of importance on buying and owning a home and shifts in attitudes and lifestyle expectations means that now, more than ever, homeowners will be willing to pay a premium for space and exclusivity."
