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2021 Gloucester Property Market in Numbers

January, 2022

2021 Property Market in Numbers

 

2021 saw a property market the likes of which had not been seen for a number of years. Demand for property ran about 35% above historical averages and that, coupled with a 23% drop in supply saw house prices soaring. Buyers were left frustrated, often missing out on properties when multiple offers were received by sellers and in lots of cases not even getting the chance to view as viewings were cancelled as the property was sold before they even got through the door.

 

In this article I look at some of the key numbers from 2021 on a national and local level and give a glimpse of future hopes for a more streamlined process.

 

Whilst the final numbers for 2021 are not yet available the stats give an accurate reflection of what happened with 1.5m properties being listed across the UK. Of those 1.23m (82%) had sales agreed on them and 1.13m (67%) went on to exchange contracts. In the Southwest 91% of properties listed for sale had buyers found which will come as no surprise to anybody who tried, tried and tried again to find their next home.

 

At R B Walters we are delighted to say that except for one property we put on the market over Christmas, we found a buyer for every property we were asked to market in 2021.

 

Halifax reported that the average UK house price was now £276,091, a rise of £24,500 since December 2020 whilst Nationwide said that 2021 had been the strongest year for house price growth since 2006. The Southwest saw an 11.5% growth which represented the largest calendar year increase since 2004.

 

The figures for Gloucester make for insightful reading when broken down into GL1, GL2, GL3 and GL4 (Chart displayed)

 

Postcode

Number of House Sales

Average Price

Average Detached

Average Semi Detached

Average Terraced

Average Flat

GL1

296

£198,274

£316,675

£241,357

£171,240

£127,287

GL2

617

£289,467

£387,966

£264,641

£196,031

£136,722

GL3

371

£267,887

£373,099

£265,957

£215,391

£154,380

GL4

418

£256,756

£377,218

£224,222

£197,520

£142,085

 

With the stamp duty holiday putting unprecedented pressure on solicitors and conveyancers it took an average of 176 days for a property to go from being listed for sale to the keys being handed over to the new owner. The frustration this causes along with the number of sales that fail to go through has increased calls for change within the process. A recent survey revealed 95% of people want more certainty of completion once a sale has been agreed and certainly talks are ongoing to hopefully make this happen. Certainly, the provision of more up front information for buyers is high on the agenda and I am sure would be welcomed. It is already available to the marketplace but not adopted universally however Beth and I are currently looking at being able to offer this to our sellers and buyers very shortly.

 

What is clear as we hit the halfway point of January is that the demand for property shows no signs of letting up. It is vitally important if you are looking to buy that you do everything possible to put yourself in the strongest possible position. Speak to your financial advisor and get your finances sorted, get your property on the market if you need to sell and choose your solicitor in preparation. Don’t worry about having a buyer and then not finding somewhere to move to. Providing your buyer knows the situation from the start, they are likely to be happy to wait for you. Remember they have been through the struggle of finding before they found yours.

 

I love to hear peoples’ comments and of course am always happy to answer any questions you have so feel free to message, email or call me.

 

Many thanks.

 

Russell

 

 

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