House prices are continuing to rise in the North East and North Yorkshire – with some homes selling within 48 hours, says estate agent My Property Box.
According to latest statistics the average UK property price in June hit a record high of £230,700, compared with £177,300 in December 2020 – while 40 percent of UK properties went for more than the asking price.
Ben Quaintrell, founder and managing director of North East-based My Property Box, said it is seeing house values climb across the region.
This upward trend had continued from April – when Land Registry figures revealed house values in the North East rose faster than any English region at 16.9 percent during the previous 12 months, followed by 12 percent in Yorkshire and the Humber.
“Since those April figures, this region has continued to experience a boom in property prices – created by pent-up demand following the easing of lockdown restrictions and a lack of properties coming to the market.
“In addition, many people spent lockdown improving their homes and outside spaces, which has contributed to increased valuations.”
Ashley Fenwick, My Property Box’s sales manager, said: “On average we are receiving requests for viewings within hours of a property going on the market and often an offer will have been accepted within 48 hours.
“There is a reluctance from sellers to market their property out of concern that they will not find a home to buy themselves. This, in turn, is causing a stampede from buyers to secure any property coming onto the market.
“If people market their home first instead of waiting until they find the right property, it will create greater choice and end the vicious circle that has created this shortage of supply.”
Statistics supplied by website Zoopla said the average UK Property price in June stood at £230,700, compared with £177,300 in December 2020. It added that property values are 5.4 percent higher than a year earlier.
Those findings are in line with a study by NAEA Propertymark, which said that 40 percent of UK properties sold in June exceeded the asking price, as fewer buyers competed for limited stock.