Home sales surge 67% in East Midlands

The housing market across the East Midlands has been busier than ever since it reopened, according to Savills.

This was the message from the firm, which presented analysis of the market to more than 70 local buyers and sellers at a recent virtual Home Truths event in Nottingham.

Savills Nottingham has seen a 67% increase in sales agreed compared to 2019, with 34% more viewings carried out – a figure that includes virtual viewings.

Interestingly, 17% of people buying property through Savills Nottingham were from London and new buyer registrations were also up significantly.

Ian Marriott, joint head of Savills residential sales at Savills Nottingham, said: “In my thirty-plus years working in residential sales this is without doubt the busiest I have ever seen the housing market in the East Midlands.

“The 67% increase in sales agreed highlights just how buoyant things have been since the market reopened in May, but what also illustrates this is that for 50% of the properties we have either sold or agreed sales for we have received multiple offers.

“The demand for property has actually been very good and this is testament to the popularity of the region, underlined by a rise of 42% in London postcodes registering with us in September. A hotspot for buyers, Nottinghamshire, Derbyshire and Leicestershire has so much to offer and still represents excellent value for money.”

According to Savills, the most active market in the region is between £600,000 and £1.5m, with market activity in the East Midlands up by 49% between June and September of this year.

Savills residential research analyst, Faisal Choudhry, said that accessible village and countryside locations, where prices have lagged behind their urban areas in the past decade, have seen a significant uptick in demand, particularly from town and city dwellers.

Faisal commented: “The key findings from our survey of buyers and sellers showed that for about two-thirds of them, gardens or outdoor space had become more important. This doesn’t just mean their own private garden. It also means access to outdoor spaces, like parks or resident’s gardens. This puts some towns and cities across the East Midlands at an advantage.

“According to data provider Twenty Ci, who monitor property portals such as Rightmove and Zoopla, the number of agreed sales and new instructions in East Midlands between July and September was 49% and 23% higher, respectively, compared to the same period last year. At a local level, nearly every Local Authority in the East Midlands saw a rise in agreed sales, with the market recovery led by hotspots such as Melton in Leicestershire, Bassetlaw in Nottinghamshire and the Derbyshire Dales.”

Research by Savills shows that price growth has remained modest despite the increase in sales since the market reopened.

Faisal added: “House price growth at county level remains strong, led by areas surrounding the cities, including Southwell towards the north east of Nottingham, some of the villages between Nottingham and Leicester, the Vale of Belvoir towards the east of Nottingham, West Leicestershire and the mid and north Derbyshire area. Looking ahead in terms of house price growth, despite high demand levels, the market remains price sensitive.”

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