I thought that it’d be interesting to many of you to take a look into the demand surge across the different UK regions as well as the property types and values to see where and what has seen the fastest growth.
With regards to regional demand, the growth of sales since 2019 looks like this:
With this graph, the horizontal and vertical axis represent the average growth and average share respectively. We can clearly see that the South of the UK has been most impressive with higher than average growth and also having a larger share of the overall market. The South East of England, for example, has the largest share of sales being agreed, but also managing to grow in terms of property value by in excess of 47%!
It’s also worth noting that although demand for buying in London was initially slow as a result of the pandemic and the rush to get out the city, it has definitely bounced back stronger in 2021 so far.
The Midlands, Yorkshire and North West have experienced lower than average growth. But their performance in terms of the number of sales agreed growth since 2019 is still good. The North East has a low share of the market, but has actually seen the highest growth in demand above any other region in the UK.
Scotland has seen the lowest growth in the UK. This is most certainly down to the ending of the stamp duty holiday earlier this year as planned.
When we then look at the demand by property type across the UK, we see the below
The growth of demand for detached houses and flats have been much greater in 2021 compared to 2019 and although semi-detached houses have the largest share of the market, their growth is 4 percentage points behind the average and well down on detached properties.
So if we then look at the value of properties in the same way, we see this:
As we can see, the highest levels of demand have been seen in the higher value properties. Properties over £750k have seen an 83% growth rate.
What this all shows is that the market is being driven by buyers who can afford to buy higher value properties. Maybe, these buyers have been less effected by the pandemic and the economic shocks and as such the property market has remained strong.